Kalanidhi Maran's Sun TV has secured the government's nod to induct 20 percent foreign equity worth $150 million in its direct-to-home (DTH) arm, it was announced Thursday.
The Cabinet Committee on Economic Affairs has given its approval to Sun Direct TV to issue 20 percent equity shares to South Asia Entertainment Holdings Ltd (SAHEL) of Mauritius, an official statement said.
'The approval is subject to guidelines issued by the ministry of information and broadcasting,' said the statement, issued after a meeting of the cabinet panel chaired by Prime Minister Manmohan Singh here.
According to officials, the Mauritius-based company is a wholly owned subsidiary of ASTRO Overseas Ltd, which in turn is a subsidiary of ASTRO All Asia Network Plc incorporated in Britain and registered as a foreign company in Malaysia.
The family of Kalanidhi Maran, the brother of Communications Minister Dayanidhi Maran, owns a 100-percent stake in Sun Direct TV at present.
The group primarily runs a bouquet of 20 channels and seven FM radio stations in four south Indian languages - Tamil, Telugu, Kannada and Malayalam.
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