FT seeks govt nod for newspapers in India

Within months of Wall Street Journal of the US getting the government approval for a fascimile Indian edition, British business daily Financial Times has sought approval to print and sell newspapers in the country.

The application "to print, publish, distribute and conduct for sale one or more newspapers" has been filed by the Financial Times (India) with the Foreign Investment Promotion Board (FIPB) in the Finance Ministry.

It was not clear by when the FIPB would consider the application.

Earlier this year, the government has approved the publication of a facsimilie edition of The Wall Street Journal and The Wall Street Journal Asia, in India.

The two newspapers will be published by Wall Street Journal India Publishing, a fully-owned subsidiary of the US-based Dow Jones and Company Inc.

The company recently got the permision for a foreign direct investment (FDI) of Rs 2.16 crore to launch the facsimilie editions. This is the first time a foreign news and current affairs publisher has been allowed to launch a facsimile edition on its own.

The government, in January this year, allowed 100 per cent FDI in publication of facsimile edition of foreign newspapers and Indian edition of foreign magazines dealing with news and current affairs.

"The policy for foreign direct investment in publication of facsimile edition of foreign newspapers include permitting 100 per cent FDI with prior approval of the government for the publication of the facsimile edition, provided the FDI is by the owner of the original foreign newspaper whose facsimile edition is proposed to be brought out in India," the government had said.

As per media reports later last year, Financial Times' publisher Pearson group had been looking to launch a business paper in India through a joint venture with the country's fast-growing media house, Network 18.

Pearson has entered into a partnership with Network 18, which runs business news TV channel CNBC TV-18 among other media properties, after severing a 15-year relationship with Indian business daily Business Standard, the reports had said.

Pearson sold its 13.85 per cent stake in Business Standard to domestic banking conglomerate Kotak Mahindra group.