Financial Times India Pvt. Ltd, the India unit of Pearson (NYSE: PSO) Plc., which publishes the British pink paper Financial Times, has received the first in a long list of permissions to launch FT’s facsimile edition in India.
The Foreign Investment Promotion Board has allowed the company “To induct foreign equity up to 100% by way of transfer of existing equity shares from the resident share holders to fresh equity shares”. Fresh FDI (foreign direct investment) inflow is Rs1 lakh. FT first sought FIPB clearance in May.
The launch of the paper is still some time away as the paper still needs clearances from the ministry of information and broadcasting as well as the Registrar of Newspapers in India. FT is also caught in a legal tussle over its title ‘Financial Times’, which is owned in India by Bennett, Coleman & Co. Ltd, the publisher of The Times of India.
The Wall Street Journal launched a facsimile edition in India in May.