Star India given go ahead for foreign investment in Maa TV
DetailsRebecca Hawkes | 18 June 2015
21st Century Fox-owned network Star India has been granted permission by the Indian Government to use INR25 billion (US$391.2 million) in foreign investment to acquire Maa TV.
The Foreign Investments Promotion Board (FIPB) approval allows Star India to acquire the software and liabilities of Maa TV, and to further expand its pay-TV broadcasting operation in India, according to local reports.
The Maa TV group, owned by industrialist Nimmagadda Prasad, Rajya Sabha member Chiranjeevi and actor Nagarjuna, comprises the four Telugu channels: Maa TV, Maa Movies, Maa Music and Maa Gold.
"Star will acquire all assets of Maa TV including broadcasting rights subject to regulatory approvals. After the approvals, Maa TV will become part of Star network. We do not have any Telugu channel in our portfolio," Star India CEO Uday Shankar said when announcing the proposed deal in February 2015.