FT open to more investment in India

from 13.85 per cent to 26 per cent, the maximum foreign direct investment (FDI) limit allowed in the print media.

"We would like to up our stake to 26 per cent, subject to approval by other stakeholders," Financial Times CEO Olivier Fleurot said.

Financial Times had picked up 13.85 per cent stake in Business Standard for Rs 14.1 crore last year. As per the current government guidelines, FDI in media, including the electronic media, has been capped at 26 per cent.

Information and Broadcasting Minister S Jaipal Reddy has already said there is no immediate plan to review the limit.

Fleurot said India was an attractive market in terms of the media business. "We have already made investment here and would like to make further investments," he said at a Conferation of Indian Industry seminar, "Future of Newspapers in the World".

Fleurot said India and China had bucked the declining trend of global newspaper circulation.

He also requested Reddy, who was present on the occasion, to allow foreign newspapers to publish from India.

"We would like the Financial Times to be at the door of Indian readers every morning. We would like to invest in Financial Times in India," Fleurot said.

The request came a day after Rupert Murdoch made a plea to allow greater FDI in media.

Responding to the suggestion, reddy said: "We are taking a look at that." He said allowing printing through "fascimile" was also being looked into.

The minister admitted that there was a dichotomy as far as foreign newspapers were concerned, particularly as they could sell newspapers in India after bringing them from abroad but were not allowed to print them.

"We are looking at this dichotomy. Our mind is not closed on the publication of foreign newspapers," the minister said.

Financial Times currently sells its newspaper in India by getting them from Dubai. "That is the closest location from where we can get the newspaper," Fleurot said.