India defers decision on Dow Jones’ move for facsimile editions

November 26th, 2008 - 8:49 pm ICT by IANS  

New Delhi, Nov 26 (IANS) Finance Minister P. Chidambaram has deferred decision on a proposal from the US-based media giant Dow Jones to publish facsimile editions of newspapers in India while clearing 32 applications for foreign investment for an estimated inflow of Rs.8.45 billion ($170 million).Dow Jones, which publishes reputed newspapers and news magazines like the Wall Street Journal and the Far Eastern Economic Review, wants to set up a wholly-owned subsidiary in India to produce the facsimile editions.

Within the media industry, Chidambaram also deferred decisions on foreign equity in the Mumbai-based Lokmat Newspapers and Prithvi Prakashan, as per a statement issued by the finance ministry.

The proposals approved include those from textiles and apparel major Reid and Tailor to issue warrants, Morgan Stanley to change the firm’s structure to invest in downstream businesses, and Television 18 (TV18) for the launch of three regional business channels.

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