Fortune granted approval to launch Indian edition
15 Feb 2010
The ministry of information and broadcasting has approved publication of the Indian edition of the US business magazine Fortune under title Fortune India.
However, the ministry has stipulated that the the Indian company should obtain prior approvals to enter into financial arrangements such as for royalty payments, etc, as per current laws.
It has also stipulated that at least three quarters of the directors on the board of directors of the Indian company, Business Media Private Limited, and all its key executives and editorial staff should be resident Indians and for the appointment of expatriates or non resident Indians, to board or key editorial and managerial positions, prior clearances of the ministry would be required.
The ministry also said that it must be notified within 15 days of any change in the composition of resident Indian directors, key executives and editorial staff, which would remain subject to its post facto approval.
Earlier, Spectator India and Forbes India had also been permitted by the ministry to introduce Indian editions.