Proposals from three media firms – TV18, Dow Jones and Lokmat Newspapers – among others are likely to be taken up by the Foreign Investment Promotion Board (FIPB) on Tuesday. These proposals seek nod for expansion of television channels, fresh inflow of foreign investments and other regulatory approvals.
Raghav Bahl-promoted Television Eighteen India is seeking FIPB nod for launching three regional language business news channels – CNBC TV18 South, CNBC TV18 Gujarati and CNBC TV18 Channel 3. Dow Jones has sought an approval to acquire up to 100 per cent equity of Wall Street Journal India Publishing for publishing the facsimile edition of foreign newspapers.
Mumbai-based media firm Lokmat Newspapers, the publisher of Marathi newspaper Lokmat and promoter of a Marathi television channel, has sought FIPB approval for allowing up to 15 per cent foreign equity in one of its subsidiary company, Prithvi Prakashan (PPPL). PPPL will get de-merged from Lokmat Newspapers and will have a total foreign direct investment of 19.5 per cent. Currently, there is a 20 per cent cap on foreign investment in private FM radio companies.
Television Eighteen India plans to launch three regional-language business news channels without any additional inflow of foreign investment. Currently, it operates business news channels such as CNBC TV-18 (English) and CNBC Awaaz (Hindi).
The company has clarified that the overall foreign direct shareholding in Network 18 as on September 30 stood at 12.73 per cent.
It should be noted that currently, no national broadcaster has any significant pressence in the 24-hour regional language business news channel space. However, media groups such as Star TV India, INX Media, NDTV among others are planning foray into new markets such as West Bengal, Maharashtra, Tamil Nadu, Kerala, Karnataka, Andhra Pradesh among others.
While Zee and the Sahara group have a number of regional language news channels, others such as INX Media, Star India and NDTV are aggressively looking at launching either some city-based or region-specific news channels in near future, sources said.
