FDI proposal in Aaj Tak. GE gets nod

FDI proposal in Aaj Tak. GE gets nod

Author | exchange4media News Service | Saturday, Sep 14,2002 8:09 AM

FDI proposal in Aaj Tak. GE gets nod

Government cleared 30 Foreign Direct Investment (FDI) proposals worth Rs 2.12 bn. TV Today Network’s proposal to induct GE Capital as a financial partner also secured nod.

According to government sources, GE will subscribe to up to 7.5 per cent stake in the company which runs the Aaj Tak news channel at a consideration of Rs 10.5 crore.

Other proposals, cleared by Commerce and Industry Minister Murasoli Maran, included the Rs 990 mn proposal of UK-based camera, imaging goods and photochemicals maker Kodak Ltd to hike stake in its local arm, Kodak India, from 74.76 to 100 per cent.

They were cleared on the recommendations made by the Foreign Investment Promotion Board (FIPB).

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