FDI into I&B sector drops 78% to ₹332 cr in Dec qtr
foreign direct investment (FDI) inflow into the information and broadcasting (I&B) sector, including print media, dropped 78% to ₹332 crore during Q3 of FY24 compared with ₹1,535 crore in the corresponding period last year.
According to data published by the Department for Promotion of Industry and Internal Trade (DPIIT), the sector received FDI worth ₹6,390 crore in the first nine months of FY24, compared to ₹2,925 crore in the same period in FY23.
The FDI inflow into the sector stood at ₹4,893 crore and ₹1,165 crore in Q1 and Q2 of FY24, respectively.
Bodhi Tree Systems' ₹4,306 crore investment into Viacom18 was the single-largest FDI inflow into the sector in the current fiscal year so far. The company is promoted by media veterans Uday Shankar and James Murdoch.
During the quarter, Warner Music India received a fund infusion of ₹67 crore from its parent entity, WEA International, under the Reserve Bank of India's automatic route.
Likewise, French ad firm Havas Participations injected FDI of ₹61 crore in Havas Worldwide India through the same route.
Crunchyroll India, the entity that operates anime content platform Crunchyroll, secured ₹20 crore in FDI from Crunchyroll LLC USA, which is owned by Sony Group Corp. Ad giant WPP's Singapore entity invested ₹21 crore in Encompass Events while Dentsu Pacific infused over ₹20 crore in FDI into its India unit, Dentsu Aegis Network India. Sony Pictures Films India got a fund infusion of ₹4.49 crore from US-based SPE India Films Holding LLC.
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