BBC Worlwide Holdings to invest in Mid-day Multimedia
03 Jan 2006
BBC Worldwide Holdings B.V (incorporated under the laws of the Netherlands) will invest Rs31.85 crore in the equity of Radio Mid Day West (India) Pvt Ltd, a subsidiary of Mid-day Multimedia Ltd.
According to Mid-day Multimedia, the agreement signed by the two companies is in accordance with the 'regulatory guidelines' issued by the ministry of information and broadcasting and the FIPB.
In another development, broker Rakesh Jhunjhunwala, and his partnership firm,Rare Enterprises, have entered into an agreement with Mid-day Multimedia to pick up equity worth Rs10 crore in Radio Mid Day West.
Radio Mid Day West plans to use these funds for bidding for licenses under phase-II of the Private FM Radio Broadcasting Policy announced by the ministry of information and broadcasting.