Govt okays Star FDI proposal

[icernet-admin at listserv.cddc.vt.edu]

The Foreign Investment Promotion Board has cleared Star’s investment 
amounting to 26 per cent of MCCS, a media company, that will run Star News 
television channel. The other 74 per cent is now owned by ABP Ltd. The FIPB 
recently took the decision to clear the decks for financial restructuring 
of the Star News channel. The restructuring was necessary as the government 
ruled that the foreign investors would be allowed nearly 26 per cent of a 
media news company like Star News. By doing that the Centre brought its 
rules regarding news channels on television in line with print media rules. 
As a result Star TV was forced to look for a large Indian investor and ABP 
Ltd picked up 74 per cent of the stakes. The rest will continue to be with 
Star TV. Government sources said the home ministry had cleared Star News’s 
application for a security clearance. 

Source:
http://www.thestatesman.net/page.news.php?clid=2&theme=&usrsess=1&id=26321