The government on Friday approved 17 foreign investment proposals, including that of Raghav Bahl-promoted TV 18 group, which will result in a flow of Rs 575.83 crore (Rs 5.75 billion) worth FDI. The proposals were cleared by Finance Minister P Chidambaram on recommendations from the Foreign Investment Promotion Board, an official release said.
As per the proposal by MTV India, TV 18 Group will invest $50.5 million (about Rs 202 crore) through its Mauritius- based wholly-owned arm BK Holdings Ltd, to pick up equity in MTV Networks India.
BKH would raise the funds in overseas markets. MTV India would make royalty payment to Viacom amounting to two per cent of net revenues for use of Viacom brands. MTV India is part of media giant Viacom and distributes TV channels - 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 other cases include a proposal by Mumbai-based Human Value Developers that will bring in Rs 235 crore (Rs 2.35 billion) FDI.
The proposal relates to investment in a company engaged in the business of stock broking and also providing various other financial products and services to retail financial investors.
A proposal by Mitsubishi Heavy Industries of Japan was also cleared that would pump in Rs 37.35 crore (Rs 373.5 million) for setting a new JV company to manufacture diesel engines.
FIPB also took note of direct and indirect foreign holding in Hutch-Essar Ltd.
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