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I&B sector attracts ₹6,058 crore FDI in H1 of FY24

The information and broadcasting (I&B) sector has attracted foreign direct investment (FDI) worth ₹6,058 crore in the first half of FY24, surpassing the previous fiscal’s FDI inflow of ₹3,745 crore.

As per data sourced from the Department for Promotion of Industry and Internal Trade (DPIIT), the sector accounted for 3.6% of the overall FDI inflow of ₹31,720 crore during the period.

For the quarter ended September, the FDI inflow in the sector stood at ₹1,165 crore, compared to ₹4,893 crore in the quarter ended June. The single-largest FDI inflow came in the form of Bodhi Tree Systems-owned BTS Investment 1’s ₹4,306.32 crore investment in RIL subsidiary Reliance Storage, which amalgamated into Viacom18 as part of a transaction also involving RIL.

As per the arrangement, RIL group entities acquired a 60.37% shareholding in Viacom18 for a ₹10,839 crore fund infusion and the transfer of streaming service Jio Cinema to the media company by Reliance Storage. The transaction, which happened under the Reserve Bank of India’s automatic route, gave Bodhi Tree a 13.08% stake in Viacom18. Bodhi Tree Systems is backed by media veterans James Murdoch and Uday Shankar. Subsequently, BTS Investment 1 invested ₹953 crore in Viacom18 for a 2.89% additional stake in the company under the acquisition of shares route. The Uday Shankar and James Murdoch-promoted company had bought the additional stake from RIL. The transaction valued Viacom18 at ₹32,983 crore. Under the acquisition of shares route, Swedish digital entertainment company MTGx Gaming Holding AB invested ₹493.79 crore in Play Simple Games.


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