NDTV gets FIPB nod for Rs 585cr investment

New Delhi Television (NDTV) has got approval from Foreign Investment Promotion Board (FIPB) for foreign investment to the tune of Rs 585 crore for its foray into the entertainment and lifestyle space.

A company official confirmed that a proposed investment in group companies - NDTV Imagine and NDTV Lifestyle - by its overseas arm NDTV Networks, UK has got the nod from FIPB.

Prannoy Roy-promoted NDTV Group had floated NDTV Networks Plc, UK, with an aim of brigning in investments for the entertainment and other non-news channels.

NDTV Networks, 100% subsidiary incorporated in the UK, will be driving the group's new business initiatives worldwide comprising entertainment, lifestyle, convergence, outsourcing, new channels set up in different countries and software developments.