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FM broadcasters permitted to set up subsidiaries

FM broadcasters permitted to set up subsidiaries
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First Published: Thu, Sep 11 2008. 02 17 PM IST
Updated: Thu, Sep 11 2008. 02 17 PM IST
Reuters
New Delhi: The Indian cabinet has approved frequency modulated or FM broadcasters setting up subsidiaries but the foreign investment limit of 20% would stay, Information and Broadcasting Minister Priyaranjan Dasmunsi told reporters.
“The cabinet allowed companies operating for less than five years to transfer shares into subsidiaries subject to the foreign investment cap being maintained, and the majority shareholders remaining the same,” he said.
“The I&B ministry has been authorised to grant permission to FM broadcasting companies for creation of subsidiaries, mergers or demergers or amalgamation of companies by way of transfer of shares,” the minister said.
“It would give the financial flexibility and the growth of the FM industry would be protected,” he noted.
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First Published: Thu, Sep 11 2008. 02 17 PM IST