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The Foreign Investment Promotion Board (FIPB) in its latest recommendations has provided approval to various proposals, although deferring a few.

Approvals:

The Travel Channel International (TIC) UK has been provided approval by the FIPB to set up a wholly-owned Indian subsidiary. The US-based Cox Communications owned channel has gained permission to undertake downlinking of non news channel with initial foreign investments of Rs 42 million. Besides, according to media reports, Cox is mulling to sell about 65% of the channel where Rupert Murdoch's News Corp is the front runner.

The Dainik Bhaskar Group has received approval for two of its proposals. One being the DB Corp’s proposal to increase foreign shareholding for which the media firm intends to float an initial public offering (IPO). The other approval received for Group’s radio arm –Synergy Media to increase the foreign shareholding. Synergy plans to raise funds to carry out the a ctivities relating to FM radio broadcasting in various circles in India.

The FIPB has also given ex post facto approval to Sahara One Media and Entertainment Ltd for foreign investment by NRIs and FIIs to carry out the activities relating to entertainment media, and motion pictures.

Deferred:

Among the approvals that have been deferred by the FIPB include that from Out of Home Media (India) Pvt Ltd for "conversion of operating company into operating-cum-investing company" and "to make downstream investments."

Meanwhile, UTV Software Communications' proposal to issue and allot equity shares pursuant to the scheme of arrangement approved by the Bombay High Court has also been deferred.