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RBI okays FII investment beyond 24 per cent in Indian broadcasting company

21-September-2001
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RBI okays FII investment beyond 24 per cent in Indian broadcasting company

The Reserve Bank of India (RBI) decision to allow foreign institutional investor (FII) investments in Indian companies beyond 24 per cent up to the sectoral statutory ceiling is being well received in the broadcasting industry.

According to industry analyst RBI move is certainly a positive one especially for listed broadcasting companies such as Zee Telefilms and SABe TV. The fresh infusion of funds will help the broadcasting industry, which is a capital-intensive business. It does not make sense to restrict the investment limit to 20 per cent in this industry.

The FII limit in the media sector, especially for the broadcasting companies, currently stands at 24 per cent with the sectoral ceiling of 49 per cent.

Suhas Bhade, director on board of SABe TV said, "The present notification according to me is project-based. In the sense that the FDI limit has been increased from 20 per cent to 49 per cent. It is good if a broadcaster is looking at setting uplinking facilities or a bouquet of channels for which he will have to get in funds."

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