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Application for FDI not withdrawn, says INX Music

07-August-2014
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Application for FDI not withdrawn, says INX Music

INX Music, a company which aggregates and distributes music content for TV channels, having 70.85 per cent indirect foreign investment, proposes to undertake broadcasting of a non-news and current affairs channel, as proposed scheme of arrangement.

In the latest development based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 207th meeting held on July 4, 2014, the Government has approved 14 proposals of Foreign Direct Investment (FDI) in different sectors such as Pharmaceuticals, IT, Trading and others. Whereas six proposals have been rejected and six proposals have been deferred.

Meanwhile, refuting earlier reports, INX Music has stated that it has not withdrawn the application for FDI. An official note stated, “Our application was not discussed in the last FIPB meeting and is likely to be taken up for discussion in their forthcoming meetings.”

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