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Rediff News  All News  » Business » FDI cap on journals scrapped

FDI cap on journals scrapped

June 02, 2005 08:36 IST

The government on Wednesday decided to increase the foreign direct investment limit in companies publishing non-news periodicals to 100 per cent from the present 74 per cent.

The move comes at a time when the government is contemplating a further liberalisation in the foreign investment regime in media by allowing foreign institutional investors to invest in Indian newspaper companies.

In the case of non-news publications, where both FDI and FII investments are envisaged, publishing companies will have to take the permission of the Foreign Investment Promotion Board or the Reserve Bank of India after obtaining a clearance from the ministry of information and broadcasting.

Government sources said in case of only portfolio investments, publishers may approach the RBI directly.
BS Corporate Bureau in New Delhi