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The Government today notified that foreign investment, including foreign direct investment, non-resident Indians (NRI) and persons of Indian origin (PIO) investments and portfolio investments will be allowed up to 20 per cent equity in FM radio business.
Till now, foreign investment up to 20 per cent was permitted in radio under the Portfolio Investment Schemes under Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 while FDI was not permitted.
But with the Government announcing Phase II expansion of FM radio broadcasting services, these changes have been initiated.