The government on Thursday gave its nod to a foreign direct investment of $150 million (Rs 675 crore) in Maran family-run Sun TV's ambitious direct to home service project.The Cabinet Committee on Economic Affairs gave its approval for issuance of equity shares to Mauritius-based South Asia Entertainment Holdings Limited, Finance Minister P Chidambaram said.
The investment will constitute 20 per cent of total issues subscribed and paid up capital of the company amounting nearly $150 million from time to time, he said.
The approval will be subject to guidelines issued by the Ministry of Information and Broadcasting, he added.
Sun TV is promoted by Kalanidhi Maran, brother of Communications and Information Technology Minister Dayanidhi Maran.
© Copyright 2007 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
|
Advertisement
Email this Article 
Print this Article