Star India's proposal to hike stake in Tata Sky postponed by FIPB

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Foreign Investment Promotion Board (FIPB) has deferred the recent proposal by Star India Holdings to raise its stake in joint venture Tata Sky.

Star India, a subsidiary of media conglomerate New Corp., had proposed to acquire 49% stake in Tata Group’s investment vehicle TS Investments which would be eventually buying 20% stake in the joint venture Tata Sky for Rs 3.24 billion.

Tata Sky is the joint venture between Tata Group and News Corp.’s Sky in which the former has 70% ownership stake while the latter has 20% stake. The remaining 10% stake is held by Singapore Government Temasek Holdings investment firm.

Besides this, in the recent round of decisions undertaken by the FIPB, Zee Entertainment Enterprises Ltd (ZEEL) has received approval to transfer shares by way of share swap and transfer of shares from NR to NR in broadcasting centre. Also, the Walt Disney Company has been permitted to commence with printing and publication of a speciality magazine.