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Our Bureau

Mumbai March 29 Fuse+Media, an affiliate of international venture fund Comventures, has invested Rs 50.96 crore in the Hindi news channel, India TV.

The Foreign Investment Promotion Board has approved foreign direct investment in India TV through the issue of convertible preference shares and purchase of shares from the secondary market.

The investment gives Fuse+Media a 19.7 per cent stake in Independent News Services Pvt Ltd, India TV's parent company.

Expansion

"We will use the funds to expand. We will be setting up a Gujarati and Punjabi news channel for the Indian as well as international markets," said Mr Rajat Sharma, Chairman and Editor-in-Chief, India TV. "The channels should be on air in 6 months' time," he added.

"We are looking at all sectors related to media, be it animation, print, television or graphics. We will be announcing a number of similar investments in the coming months," Mr Keyur Patel, CEO and Managing Director, Fuse+Media, said.

More Stories on : Strategy | Radio/TV | Venture Capital

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