The Foreign Investment Promotion Board (FIPB) has given its nod to a proposal from music company Universal Music India to set up a 50:50 joint venture company with Eros Multimedia, the distributors and producers of Bollywood films, with a foreign investment of Rs 1.20 crore in.
However, the board has deferred a decision on another music industry related proposal from WorldSpace India, in which the satellite radio operator said it wanted to provide continuous streaming of audio programmes on its Indian portal. According to the FIPB decision, Universal Music will now be able to set up a 50:50 joint venture company with Eros Multimedia.
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