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Our Bureau

New Delhi, August 3 TV 18 Group, through its Mauritius-based wholly-owned arm BK Holdings Ltd , would invest Rs 202 crore for buying stakein MTV Networks India. This was amongst 17 FDI proposals worth Rs 575.83 crore cleared by the Finance Minister, Mr P Chidambaram on recommendations from the Foreign Investment Promotion Board (FIPB), a statementsaid.

MTV India would pay Viacom two per cent of net revenues as royalty for use of Viacom brands. MTV India is part of media giant Viacom and distributes MTV, VH1 and Nickelodeon. The deal is part of the strategic alliance between Viacom and the TV 18 Group announced in May this year.

The proposal by Mumbai-based Human Value Developers that would bring in Rs 235 crore FDI was also cleared today. It involves conversion of operating company into an operating-cum-holding company to make downstream investment in a firm engaged in the stock broking and provision of other financial products and services .

The Government cleared a proposal by Mitsubishi Heavy Industries of Japan to set up a Rs 37.35-crore joint venture company for diesel engines and its components

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