Post on 22-Mar-2018
transcript
FDI Policy + Industry Specific Issues
– Real Estate / NBFC/ Trading / Media
- Anup P. Shah
20th April, 2011
© PRAVIN P. SHAH & CO. 2
Scope
FDI & Instruments
FDI in Real Estate
FDI in NBFCs
FDI in Trading
FDI in Media & Entertainment
© PRAVIN P. SHAH & CO. 3
FDI & Instruments
© PRAVIN P. SHAH & CO. 4
Relevant Regulations
Consolidated FDI Policy – DIPP, Ministry of Commerce
FEMA Regulations –
Mode of Investments
+ Reporting
AP Dir Circulars –
RBI‟s changes
from time to time
© PRAVIN P. SHAH & CO. 5
Relevant Regulators
FIPB –
Cases
requiring
Govt.
Approval
RBI –
Nodal
Regulatory
Authority
DIPP –
Formulates
FDI Policy
Part of
Finance
Ministry
Part of
Commerce
Ministry
© PRAVIN P. SHAH & CO. 6
Key Types of Foreign Invst.
Foreign Investment
Primary - FDI Secondary
Direct Downstream Portfolio Off-Market
FIIs
NRIs / PIOs
Repatriable
Non-repatriable
Invst by
PROI in
Capital of
an Indian
Co.
Purchase
by PROI
of Shs. Of
Indian Co.
© PRAVIN P. SHAH & CO. 7
FDI Prohibited
FDI in following Sectors is Banned:
Chit Fund / Nidhi
Agricultural / Plantation (except certain areas)
Real Estate business / Trading in TDRs
Lottery / Gambling/ Betting / Casinos
Atomic Energy
Manufacturing of Tobacco & related products
Sectors not yet opened to Private Sectors
© PRAVIN P. SHAH & CO. 8
Types of FDI
Foreign Direct Investment
Automatic Approval
No PermissionMoF/FIPB – Inflows
up to Rs.1200 cr.
CCEA – Inflows
above Rs. 1200 cr.
© PRAVIN P. SHAH & CO. 9
Instruments
Foreign Direct Investment
EquityHybrid
Voting Non-Voting CCDs CCPS
Warrants
© PRAVIN P. SHAH & CO. 10
Equity Shares
Consideration must be for Cash
All other cases – FIPB approval
Issue Price of FDI Shares
Listed Cos.
Unlisted Cos.
Must be issued within 180 days of funds
© PRAVIN P. SHAH & CO. 11
Equity Shares
DCF Valuation
No Guidelines specified
Discretion to Valuer in selection of:
No. of Years‟ Forecast
Discount Rate / WACC
Growth Rate
Method of Calculation of Terminal Value / Perpetuity
Q. Cos. where DCF is difficult?
© PRAVIN P. SHAH & CO. 12
Issue for CoC – ECBs / Know-how
R.8, Sch. 1 : Consideration must be received in
Cash for Auto Route FDI
If not received in Cash – FIPB Approval
Exceptions - ECB / lump sum Technical know-how
Fees / Royalty can be converted into Shares
Co. must be eligible for FDI under Auto Route or
FIPB/SIA route
Post-conversion Foreign Equity, within Sectoral Caps
© PRAVIN P. SHAH & CO. 13
Issue for CoC – ECBs / Know-how
Pricing : As per FEMA Guidelines
ECBs may be with General / Specific Permission
Whether ECBs due for repayment or not
Deemed ECBs (Import payables) not covered
Also secured / Unsecured Loans from NR
collaborator
Comply with applicable tax laws
© PRAVIN P. SHAH & CO. 14
Issue for CoC – Capital Goods
Import of Capital Goods / Machinery / Equipment
FIPB Permission reqd.
Import as per EXIM Policy
Independent Valn. ~ from Country of import
Customs Assessment of FMV
Must show Beneficial Ownership & Identity of
Importer & Exporter
Share Issue within 180 days of shipment
Special Resolution of Co. reqd.
DCF Valn. for Issue Price
© PRAVIN P. SHAH & CO. 15
Issue for CoC – Pre-Operative
Pre-op. Exp / Pre-Inc. Exp / Rent
FIPB Permission reqd.
Submit FIRC for remittance of funds by
overseas Promoters for Expenses
Certificate by Auditor about Exp. incurred
Payment by Foreign Party directly to Third
Party – not allowed
Must be routed through Co.
Share Issue within 180 days of Payment
Special Resolution of Co.
DCF Valn. for Issue Price
© PRAVIN P. SHAH & CO. 16
Issue for CoC – Other Instances
Type of CoC Issue Allowed /
Not Allowed
Sweat Equity Shares
For Technology Trf.
Conversion of RPS into Equity
Shares since no funds to redeem
© PRAVIN P. SHAH & CO. 17
Issue for CoC – Other Instances
Type of CoC Issue Allowed /
Not Allowed
Against Franchisee Rights
Against Trade payables
Against Import of white goods
Against Amount Payable under
an Arbitration Award
Export Advances
© PRAVIN P. SHAH & CO. 18
CCDs
Quasi-equity Instruments
Subject to ECB restrictions?
Cap on Rate of Interest?
All-in-cost ceilings like ECBs?
Tax Deduction benefits to Investee Co.
Can be redeemed / bought back by Co.?
Time limit for conversion into Equity?
© PRAVIN P. SHAH & CO. 19
CCDs
Circular 1/2011
Issue Price or Conversion Formula to be specified
upfront at time of issue
Price @ Conversion Date > FMV @ Issue Date
FMV = DCF OR Preferential issue Pricing under ICDR
Earlier Issue Price was required
Flexibility in Earn-out Formula Deals
Beneficial for PE / VCF Deals
Co. gets higher Value if performance good
© PRAVIN P. SHAH & CO. 20
CCDs
FIPB has granted time for extending
conversion of Convertible Instruments into
Shares
Milestone-linked conversion of CCDs
© PRAVIN P. SHAH & CO. 21
NVR Shares
Issue of NVR Shares possible?
When Useful?
If Public Company?
Examples
© PRAVIN P. SHAH & CO. 22
Preference Shares
Part of Sectoral Caps Only if CCPS
If RPS / OCPS – treated as ECBs
Must be converted within a reasonable
timeframe
Plain redemption / buyback possible?
Max. Dividend Rate
© PRAVIN P. SHAH & CO. 23
Others
Issue of Warrants?
Issue of Partly Paid-up Shares
Cir.1/2010
Cir 2/2010
© PRAVIN P. SHAH & CO. 24
Other Types of Foreign Invst.
Type of Invst. Approval Conditions
Issue on Merger of
Indian Cos.
Issue on Demerger of
Indian Cos.
Share Swap – ODI by
Issue of Shares
ESOP to NR
Employees
Rights / Bonus Issue
Cross-Border Merger
© PRAVIN P. SHAH & CO. 25
FDI in Real Estate
© PRAVIN P. SHAH & CO. 26© PRAVIN P. SHAH & CO. 26
FDI in Real Estate
General Prohibitions
Real Estate Business
Construction of Farm House
Trading in Transferable Development Rights (TDRs)
„Real Estate Business‟:
Buying and selling of immovable properties
Assignment of Development Agreements?
© PRAVIN P. SHAH & CO. 27© PRAVIN P. SHAH & CO. 27
FDI in Real Estate – Guidelines
100% FDI allowed under Automatic Route subject to
conditions in Construction & Development Projects
Projects Permitted
Housing
Commercial Premises
Resorts
Educational Institutions
Recreational Facilities
City & Regional Level Infrastructure
Townships
© PRAVIN P. SHAH & CO. 28© PRAVIN P. SHAH & CO. 28
Conditions
Minimum Area
Serviced Housing Plots – 10 hectares/25 acres
Built-up area: 50,000 sq. mtrs. or 5,38,200 s.ft.
Combination Project – Any one of above 2
conditions
What is „built-up area‟?
What is included and what is excluded in it?
© PRAVIN P. SHAH & CO. 29© PRAVIN P. SHAH & CO. 29
Conditions
Investment – Minimum Capitalisation
In case of WOS – US $10M
In case of JV – US $ 5M
FDI in a JV in 99:1 between Foreign & Indian
Partner – What should be the min. capital?
Securities Premium included in Min. Cap?
Whether Preference Shares included?
© PRAVIN P. SHAH & CO. 30© PRAVIN P. SHAH & CO. 30
Conditions
Funds to be brought within 6 months of
commencement of business
What is Commencement of Business?
Would it be date when Co. buys land as its SIT
Would it be date of approval by Local Authority?
© PRAVIN P. SHAH & CO. 31© PRAVIN P. SHAH & CO. 31
Conditions
Original Investment locked-in for 3 years
Entire Invst. or only what is brought in initially?
If Invst. in Tranches?
Is Invst. In excess of Min. Cap. also locked-in?
50% project must be developed in 5 years
from date of obtaining all statutory clearances
“all statutory clearances” very wide in coverage
© PRAVIN P. SHAH & CO. 32
Conditions
Lock-in of Initial Investment
Can Foreign Investor sell to another NR within 3
years?
No outflow /remittance from Co.
Is lock-in on Investor or on Investment?
© PRAVIN P. SHAH & CO. 33© PRAVIN P. SHAH & CO. 33
Conditions
Investor cannot sell „Undeveloped Plots‟
„Undeveloped Plots‟ means road, water supply, street
lighting, drainage, sewerage, etc. not made available
Developer to provide infrastructure and obtain CC
before disposing serviced housing plots
All Conditions should be mandatorily fulfilled
Earlier Exit ?
© PRAVIN P. SHAH & CO. 34© PRAVIN P. SHAH & CO. 34
FDI in Real Estate – Issues
Whether Agricultural Land can be acquired for
developing serviced housing plots?
If FDI & non-FDI compliant projects, can Co. get
FDI?
FIPB planning to monitor end-use of funds on a
Qtly basis
© PRAVIN P. SHAH & CO. 35© PRAVIN P. SHAH & CO. 35
FDI in Real Estate – Issues
Whether Service Provider to Developer needs to
comply with conditions of P.Note?
Developer has sold Units in an IT Park
Buyback of same units from Cos. and Leased
back to very same entities
Is it a Real Estate Business?
Permissible?
© PRAVIN P. SHAH & CO. 36© PRAVIN P. SHAH & CO. 36
Exit Options
Sale of Equity / CCPS / CCDs by NR:
Automatic Route
Pricing Guidelines
Form FC-TRS + Documentation
If Project stalled mid-way due to some
reason, what is the Exit Route for Foreign
Investor?
© PRAVIN P. SHAH & CO. 37© PRAVIN P. SHAH & CO. 37
Exit Options
Buyback of Shares
Automatic Route
Companies Act restrictions
25% of Networth
25% of Paid-up Equity Capital / FY
Can CCDs and CCPS be bought back without
conversion?
VL of SPV
© PRAVIN P. SHAH & CO. 38© PRAVIN P. SHAH & CO. 38
Put Option to Investors
FDI by way of Issue of CCPS / CCDs
Put Option to Foreign Investor to sell CCDs to
Promoters
Can Put Option be given to sell back shares @
fixed price?
What if FEMA Pricing Guidelines adhered to?
RBI‟s Stance:
© PRAVIN P. SHAH & CO. 39© PRAVIN P. SHAH & CO. 39
Investment by NRIs and PIOs
Prohibited Investments
Investment in Agricultural Property,
Plantations & Farm Houses
Trading in Real Estate and TDRs
Conditions of Press Note No. 2/2005?
Can invest in smaller size projects also
© PRAVIN P. SHAH & CO. 40© PRAVIN P. SHAH & CO. 40
Investment by NRIs and PIOs
Specified Categories of Invst.:
Devlp. of serviced plots & built-up res. Premises
Const. of Res.& Comm‟l Premises / Offices
Townships
Urban Infrastructure facilities ~roads, bridges
Mfg. of Building Materials
Invst. in Participatory ventures in above
Invst in Hsg Finance Inst.
© PRAVIN P. SHAH & CO. 41
FDI in Infrastructure &
Other Real Estate-based Projects
© PRAVIN P. SHAH & CO. 42© PRAVIN P. SHAH & CO. 42
FDI in Hotels & Hospitals
100% FDI under the Automatic Route in Hotels &
Tourism Industry
Hotels includes:
Restaurants
Beach Resorts
Other Tourist Complexes
Convention centres, seminar units
100% FDI under Auto. Route also allowed in Hospitals
Conditions of Press Note No. 2/2005
Mixed Use Projects
© PRAVIN P. SHAH & CO. 43© PRAVIN P. SHAH & CO. 43
FDI in Industrial Parks
100% FDI allowed under the Automatic Route
FDI in Setting up of IPs and also in Established IPs
STPs, IT Parks, Bio-tech parks, etc
Conditions of Press Note No. 2/2005?
Conditions for FDI
Minimum 10 Units and No Single Unit occupying more than 50%
of the allocable area
Minimum 66% of the total allocable area for Industrial Activity
© PRAVIN P. SHAH & CO. 44© PRAVIN P. SHAH & CO. 44
FDI in Industrial Parks
Must have Infrastructure Facilities:
Must have Common Facilities:
Must be for Industrial Activities:
Tax Benefits under Industrial Park Scheme, 2008
Difference between IPS 2008 and Circular 1/2011
Which is more liberal
© PRAVIN P. SHAH & CO. 45© PRAVIN P. SHAH & CO. 45
FDI in SEZs
100% FDI allowed under the Automatic Route in
Development of :
SEZs
Free Trade Warehousing Zones
Conditions of P/N 2/2005 Applicable?
Conditions of SEZ Act should be fulfilled
What about Transfer of Shares of an SEZ Developer?
Recent Stand of BoA
© PRAVIN P. SHAH & CO. 46
FDI in NBFCs
© PRAVIN P. SHAH & CO. 47
Specified Activities
FDI Prohibited in:
Chit Fund
Nidhi Company
100% FDI permissible in 18 specified
Activities under Automatic Route
Minimum capitalisation norms ?
© PRAVIN P. SHAH & CO. 48
Specified Activities
• Merchant Banking
• Underwriting
• Portfolio Management
Services
• Investment Advisory
Services
• Financial Consultancy
• Stock Broking
• Asset Management
• Money Changing Business
• Venture Capital
• Custodian Services
• Factoring
• Credit Rating Agencies
• Leasing and Finance
• Housing Finance
• Forex broking
• Credit Card Business
• Micro Credit
• Rural Credit
18 Activities under 100% Automatic Route
© PRAVIN P. SHAH & CO. 49
Specified Activities
FDI in Commodity Broking
Permissible?
Is it an NBFC activity?
FDI by Banks in Com. Broking?
© PRAVIN P. SHAH & CO. 50
Specified Activities
FDI in Investing Companies
Requires FIPB Approval
Irrespective of Ownership & Control of Investment
Co.
If Investing Co. is a CIC
Comply with CIC Regulations of RBI
FDI in Shell Co.
Prior FIPB Approval
Comply with sectoral caps for Downstream Invst
© PRAVIN P. SHAH & CO. 51
Specified Activities
FDI in Investment Companies?
Prohibited?
Different from Investing Cos.
Investing Co.:
Definition – Other than for Trading of Such Shares
What if not for Trading?
RBI Act – NBFC definition
FEMA Regulations – 18 Activities
Dual stance?
© PRAVIN P. SHAH & CO. 52
Specified Activities
FIPB has several times disallowed FDI in Invst
Cos.
Does not fall within 18 activities
Several FDI Proposals rejected:
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Specified Activities
Nomura Financial‟s Case
FDI for proprietary trading by a NBFC
Distinct from FDI for Investment Activities?
© PRAVIN P. SHAH & CO. 54
Other Financial Cos.
Activity FDI Cap Remarks
Infrastructure Cos. In
Securities Mkt.:
St. Ex. (BSE)
Depositories (CDSL)
Clearing Corp.
(NSECCL)
Composite Cap 49%
• FDI 26%
• FII 23%
• FDI by Approval Route
only
• SEBI Regs. for St Ex
• Single For. Investor
can hold only 5%
• FII through secondary
markets
Credit Information
Cos. (CIBIL)
Composite Cap 49%
• FDI 25%
• FII 24%
• FDI by Approval Route
only + RBI clearance
• FII through secondary
markets
© PRAVIN P. SHAH & CO. 55
Other Financial Cos.
Activity FDI Cap Remarks
Commodity Exch.
(MCX / NCDEX)
Composite Cap 49%
• FDI 26%
• FII 23%
• FDI by Approval Route
only + FMC clearance
• FII through secondary
markets
ARCs (ARCIL) 49% FDI Cap • FDI by Approval Route
only
• FII investment
prohibited
© PRAVIN P. SHAH & CO. 56
Capitalisation Norms
NBFC
Fund- Based
Activities
Non- fund
based activities
© PRAVIN P. SHAH & CO. 57
Capitalisation Norms-Fund Based
3 Tiers for Fund based Activities
Up to 51% of Capital: US $0.5 M upfront
More than 51% - 75% of Capital: US$5Mupfront
More than 75% of Capital: US $50M out ofwhich US $7.5M. upfront immediately andbalance US$42.5 M within 24 months
© PRAVIN P. SHAH & CO. 58
Capitalisation Norms:Non-Fund Based
Activities classified as Non- fund based are
1. Investment Advisory Service
2. Financial Consultancy
3. Forex Broking
4. Money changing business
5. Credit rating agencies
© PRAVIN P. SHAH & CO. 59
Capitalisation Norms:Non-Fund Based
US $ 0.5 M upfront for any amount of investment
Prohibition on:
Setting up Subsidiary for Activity other than in which
Holding Company is engaged
Participation in any equity of NBFC holding /
Operating Company
© PRAVIN P. SHAH & CO. 60
Capitalisation Norms
Requests to FIPB for relaxation of Cap
Norms:
Turned down in a host of cases
Waiver of norms tantamounts to dilution of
Press Notes
Despite recession, requests for dilution of
capitalisation norms have been rejected
© PRAVIN P. SHAH & CO. 61
Capitalisation Norms
What constitutes Capital
Only Equity
CCPS / CCDs?
Share Premium?
© PRAVIN P. SHAH & CO. 62
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Downstream Invst. by NBFCs
Fund- based
activities
Joint Venture-
NBFC
• 100% FDI
• Min. Cap. US $ 50M
• No Min. Cap. for
Subsidiaries
• 75% or less FDI
• Min Cap. for Holdco
& Sub. both
Type of NBFC
which would be
Holdco
• Sub in same
activity as Holdco
Non- fund based
© PRAVIN P. SHAH & CO. 63
Subsidiaries
Can an NBFC with 100% FDI set up aSubsidiary?
Yes. Holding Co. must be an NBFC with 100% FDI with
minimum capitalisation of US$ 50 M.
Subsidiaries must be for Specific NBFC activities
No restriction of number of operating subsidiaries
No additional Capital is required to be brought in.
NBFC in Non- fund based activities can not set up
subsidiary for any other activity.
© PRAVIN P. SHAH & CO. 64
Subsidiaries
Can other NBFC set up Subsidiaries?
Yes. The NBFC must have FDI equal to 75% or less
than 75% of its capital.
Subsidiaries should also comply with the Min. Cap.
Norms applicable to Holdco. if they are in Fund Based
Activities
NBFC in Non- fund based activities can not set up
subsidiary for any other activity.
© PRAVIN P. SHAH & CO. 65
Contrary Provisions
Circular 1/2010 & FEMA Regulations
FEMA Regs. & Para 5 of Cir.
Para 4.6.4 of Cir. (Press Note 4)
Current Position?
© PRAVIN P. SHAH & CO. 66
FDI in Trading
© PRAVIN P. SHAH & CO. 67
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FDI in Trading - Guidelines
Automatic Route Prohibited
• Wholesale trading
• Cash & Carry WT
• Trading for Exports
• E- commerce
Multi Brand Retailing
FDI in Trading
• Single Brand Retailing
• Trading Companies
engaged in specified
activities
Approval Route
© PRAVIN P. SHAH & CO. 68
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Cash & Carry Wholesale Trading
Definition
Sale of goods to:
Retailers
Industrial/ commercial/ institutional / other
professional business users.
Other wholesalers
Related subordinated service providers
Sales not for personal Consumption
© PRAVIN P. SHAH & CO. 69
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Cash & Carry Wholesale Trading
Definition
Includes:
Resale
Processing and Sale
Bulk imports with Export Warehouses
B2B E-Commerce
Type of Customer relevant
Size / volume of sales immaterial
© PRAVIN P. SHAH & CO. 70
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Cash & Carry Wholesale Trading
Guidelines for WT
Requisite license / registration/ permits should
be in place for undertaking WT
Sale should be to valid business customers
which fulfill at least one of the foll.:
Entities holding VAT / Excise registration
Entities holding Trade Licenses
Entities holding Permits/ licenses for retail trade
Institutions having registration as a society/ public
trust
© PRAVIN P. SHAH & CO. 71
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Cash & Carry Wholesale Trading
Guidelines for WT
Full records of daily WT sales should be kept
WT is permitted within the same group of
Companies but only up to 25% of total turnover
of WT venture
Wholesale Trader cannot open a retail shop to
sell directly to consumers
REMOVED:
© PRAVIN P. SHAH & CO. 72
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Cash & Carry Wholesale Trading
Issues
What is meant by “same group”
How does one compute total turnover?
© PRAVIN P. SHAH & CO. 73
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Cash & Carry Wholesale Trading
Issues
No distinction between Strategic Investors &
PEs
Vishal Retail
© PRAVIN P. SHAH & CO. 74
Cash & Carry Wholesale Trading
Existing Model of several Cos.
Indian JV company with stakes by Foreign &
Indian retailer
Role of JV Co.
Front-end retailing?
© PRAVIN P. SHAH & CO. 75
Cash & Carry Wholesale Trading
Walmart Bharti
JV
• Cash & Carry WT
• SCM / Systems
50%
Retail Co.
100%
Retail
ConsumersSale Sale
Example of Current Structures
© PRAVIN P. SHAH & CO. 76
Cash & Carry Wholesale Trading
Difference in 2006 & 2010 Guidelines:
2006 FIPB Route
Sale to Group Cos. / outsiders
Balance allowed for WT
2010 Auto Route
Not more than 25% allowed for WT among same
Group Cos.
Balance 75% must be for WT
© PRAVIN P. SHAH & CO. 77
Cash & Carry Wholesale Trading
Difference in 2006 & 2010 Guidelines:
2006 FIPB Route
Master Supplier Entity
Group Cos. would then sell on Retail Basis
2010 Auto Route
Not more than 25% allowed for WT among same
Group Cos.
Difficult to set up Retail Front-end Cos.
© PRAVIN P. SHAH & CO. 78
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Single Brand Retail Trading
51% FDI under Approval route:
Product should be of single brand
Branding must be globally also
Products must be branded during
manufacturing only
Can cover multiple product categories
© PRAVIN P. SHAH & CO. 79
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Retail Trading
Application to SIA DIPP
Must demonstrate that application attracts
invst. In production and marketing
Enhances competitiveness of Indian Cos. By
accessing Global designs
FIPB doesn‟t allow PEs to invest
Only wants Brand Owners to invest in JVs
Insists that Brand Owners must operate retail
stores in at least couple of other countries
© PRAVIN P. SHAH & CO. 80
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Retail Trading
Restriction on No. of JVs by same
Partner?
Can Indian Partner have multiple JVs with
different Foreign Retail Partners?
Can one Foreign Partner have different JVs
with different Indian partners for separate
product lines?
© PRAVIN P. SHAH & CO. 81
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Retail Trading
Different lines of same JV possible?
But different JVs for different products not alld.?
Can NRI Franchisee Partner invest in JV?
Approved by FIPB in past?
© PRAVIN P. SHAH & CO. 82
FDI in Media & Entertainment
© PRAVIN P. SHAH & CO. 83
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FDI in M & E Sectors
Advertising
& Films
100%
Automatic
Route
FDI in M & E
Hardware /
Uplinking /
Teleports
Print MediaBroadcasting
Sectorwise
Conditions
Sectorwise
Conditions
News - 26%
Scientific – 100%
Facsimile – 100%
© PRAVIN P. SHAH & CO. 84
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FDI in Broadcasting Sectors
Terrestial
/ FM
20% FDI+PIS
Approval
MIB Cond.
Broadcasting
CableHeadEnd
In The SkyDTH
49% FDI+PIS
Approval
MIB Cond.
20%FDI +
29%PIS
Approval
MIB Cond.
49% Auto +
up to 74% FIPB
MIB Cond.
© PRAVIN P. SHAH & CO. 85
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FDI in Hardware Facilities
Uplinking
Hubs /
teleports
49% FDI+
FII
Approval
Hardware
Uplinking
Non-newsUplinking
News
100%
Approval
26% FDI + FII
Approval
PIS not from
a PAC
© PRAVIN P. SHAH & CO. 86
FDI in Print Media
Type of Media % FDI Conditions
Newspapers dealing with
News & Current Affairs
26% FDI
+ FII
Approval Route
Earlier all Invst Banned
Indian editions of Foreign
Magazines on News
26% FDI
+ FII
Approval Route
MIB Conditions
Scientific & technical Mag. 100% Approval Route
MIB Conditions
Facsimile Edition of Foreign
Newspapers
100% Approval Route
MIB Conditions
Thank You!!
anup@ppsco.in