The government on Tuesday approved a proposal by New York-based Bloomberg LP to set up a 100 per cent subsidiary in India for television programming and software production.
Bloomberg was among 19 foreign direct investment proposals approved by the finance ministry, he proposals had been recommended by the Foreign Investment Promotion Board.
Bloomberg's is the first attempt by an international television news agency to set up operations in the country. It now has a 100 per cent subsidiary in India that undertakes electronic information services such as data service, and audio and video text services.
As Business Standard had reported earlier, the proposed television software venture will produce and distribute business and financial news television programme in English to local television channels. The company proposes to invest up to Rs 65 lakh (Rs 6.5 million) in India in foreign exchange.
The new Indian entity will also build and operate data screen in the style used by Bloomberg globally in its international television operations.
The Bloomberg data screen, which is generated by a proprietary software application, when connected to the feed of Bloomberg market data ad news, populates a display area, allowing viewers to see the data and video programme on a unique screen.
The company proposes to generate news and operate a data screen that will be relevant to investors and businesses in India.
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