MIB nod to 49% FDI for FM radio Phase III contenders

The Ministry of Information & Broadcasting (MIB) has allowed foreign direct investment (FDI) up to 49 per cent to those applying for FM Phase III licence.

In a note issued the Ministry stated: “The total direct and indirect foreign investment, including portfolio and foreign direct investments into the company shall not exceed 49 per cent at the time of application and during the currency of licence.”

The methodology of calculation of the direct and indirect foreign investments would be as per the extant policy of the Government.

The company shall be required to disclose the status of such foreign holding and certify that the foreign investment is within the ceiling of 49 per cent on a yearly basis.

Approval of the Foreign Investment Promotion Board (FIPB) shall be required for any existing or proposed foreign investment in the company.