Government allows Indian editions of foreign news magazines and 26 per cent FDI

19 September 2008

Mumbai: In a clear departure from its earlier stand, the government today allowed advertisement-starved foreign magazines to come out with Indian editions with local and global content and own up to 26 per cent in joint ventures in India.

The move would help international news magazines like Time, Newsweek, Forbes, Fortune, BusinessWeek etc to publish Indian editions and own 26 per cent in joint ventures with their Indian partner.

The foreign magazines will also be able to bring out cheaper editions and source local advertisements. International magazines could so far only print and distribute their global editions in India with some local advertising.

For reproducing the magazines locally and to publish local news, companies have to get registered under the Indian Companies Act 1951.

Only foreign news magazines, not newspapers are allowed to reproduce or publish Indian editions.

Cheaper editions would allow the now costly magazines like Fortune, Time etc to corner an increasing share of the Rs9,000 crore print media advertisement market in India.