Financial Daily from THE HINDU group of publications
Wednesday, Nov 23, 2005


Group Sites

Corporate - Mergers & Acquisitions
Industry & Economy - Radio/TV

BBC seeks nod to pick up 20 pc in Radio Mid-Day

Ambarish Mukherjee

New Delhi , Nov. 22

BBC Worldwide, a subsidiary of the British Broadcasting Corporation, is on the prowl. After setting up a joint venture company with the Times of India group last winter for publishing magazines, the company has now finalised plans to establish its footprint in the Indian FM radio industry.

BBC Worldwide is all set to pick up a 20-per cent stake in Mumbai-based Radio Mid-Day West (India) Private Ltd.

The British company has sought permission from the Foreign Investment Promotion Board for moving ahead with its investment plans.

Only last Thursday the Government notified its policy of allowing up to 20 per cent FDI in FM radio. Earlier, only portfolio investments were allowed. BBC Worldwide has specified in its application that it would take only the FDI route for investing in Radio Mid-Day, officials said.

Sources said that, in the application, both the sides had informed that the pricing was being discussed between the two parties, and it was being calculated on the basis of the valuation norms prescribed by the RBI and had informed the Government that they are doing so.

The Indian joint venture partners, the Times of India group too is believed to have communicated their no objection to BBC Worldwide's radio venture, officials said.

Radio Mid-Day currently runs an FM radio station in Mumbai and is in the process of bidding for broadcasting licenses in various categories and circles.

Radio Mid-Day West is a 100-per cent subsidiary of Mid-Day Multimedia that brings down the afternoon daily called Mid-Day in Mumbai and Delhi, and is one of the first media companies to go public.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

More Stories on : Mergers & Acquisitions | Radio/TV

Stories in this Section
L&T bags Rs 252-cr orders in electricity distribution

GlaxoSmithKline prepares to bring bird-flu drug to India
Toyota Kirloskar rolls out 2 lakh cars
`United Phosphorus wrongly implicated in Volcker Report'
Nagarjuna bags highway project
Manisha joins GV Films board
AstraZeneca Plc to sue Ranbaxy on ulcer drug
Indian Oil to raise $250 m from international market
NTPC unit bags global award
Calcutta HC dismisses Laxmi Realtors petition
ICICI Venture to buy 26% stake in Viceroy Hotels thru pref offer
BBC seeks nod to pick up 20 pc in Radio Mid-Day
Swiss group picks up stake in RR Investors
Taskforce on HMT-Praga Tools merger
Saint-Gobain outlines phase II expansion plan
US consortium to pick up 19 pc stake in Himalya International
Sahara One pact with Spacetoon for kids entertainment content
Iffco sets up joint venture in Egypt
NDTV joins Direct TV, Sky platforms to reach US, UK markets
A study tour
`Shredders market in India still at nascent stage'
ONGC seeks reimbursement of payments made for partners
Polar Pharma eyes US, European markets
`Balanced Scorecard - a management concept for future'
Jay Shree Tea: Divergent show by fertiliser, tea divisions
Delhi High Court orders winding up of Data Access

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line