New Delhi, March 4: The Centre has cleared Living Media (India Today Group's) application to publish Indian editions of Scientific American and Golf Digest. These are the first clearances for FDI projects in the non-news, non-current affairs category in print media since the Cabinet revised its policy last year.
The revised policy allows for upto 74 per cent FDI in the category. In the news and current affairs category, the ceiling on FDI is 26 per cent. I&B ministry sources said no application involving FDI in the news and current affairs category had been received. The ministry is also “studying” FDI proposals from Tata Infomedia Ltd and ICICI Prudential Asset Management Company and a third one also from Living Media for non-news, non-current affairs publications.
FDI in the print media is possible in two ways Ä foreign publications beginning Indian editions and foreign companies picking up stakes in Indian publishing firms. (ENDS)sd/04032003/2040