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I&B rules out FII money in print media

16-February-2001
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I&B rules out FII money in print media

Information and broadcasting (I&B) minister Sushma Swaraj said foreign institutional investments cannot be allowed in print medium as it amounts to foreign equity and if there is any lacunae in interpreting the rules, it will be corrected.

In the last group of ministers meeting held early this year, 100 per cent foreign direct investments (FDI) through automatic route was recommended for printing and publishing of scientific and academic journals and encyclopedia.

Though the industry ministry was silent on the issue of opening up the print media to foreign investors, consultations with the administrative ministry and the I&B ministry, had led to the view that for print media, and terrestrial TV channels and broadcasting, FDI may not be permitted at all.

Though Mid-Day has abandoned its plans to offer FII shares in its IPO, Tariq Ansari, managing director of the company, had clarified that approval for investment by FIIs had been granted by the Reserve Bank of India (RBI) under the provisions of the Foreign Exchange Management Act (Fema) 1999.

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