Star gets FIPB nod for home shopping channel

Star India has got the FIPB (foreign investment promotion board) nod to get foreign investments for the launch of its home shopping channel.

Star has entered into a joint venture with CJ Home Shopping Co of Seoul. The JV company is called Star CJ Network India.

Star CJ Network has been permitted to invest up to 100 per cent to undertake the creation of television channels for the purpose of broadcasting and for distribution through media platforms.

Star India’s Paritosh Joshi is tipped to head the home shopping network. While Star will run the channel, CJ Home Shopping will provide backend support.

Network18 already runs Home Shop18 and recently private equity firm Saif Partners increased its stake to 35 per cent following a fresh capital infusion of $16 million. In the first round, Saif Partners invested $10 million to take a 25 per cent stake in Home Shop18.

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Meanwhile, Asianet Communications, which owns a clutch of regional channels including Asianet, has got the FIPB approval to undertake de-merger and transfer of shares by way of share swap without any fresh cash inflow.

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Balaji Telefilms has also been given Ex-post facto approval for conversion of operating company into an operating cum holding company to make downstream investment which does not involve any fresh inflow.

The government, however, has deferred the proposal by World Space India to provide/undertake the activities of web based services.


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