Nickelodeon stake in Reliance Industries firm okayed

New Delhi, July 15
The government has approved a 50 percent equity induction worth Rs.940.50 crore into Reliance Industries-promoted company by popular children's entertainment media group Nickelodeon.

According to an official statement by the finance ministry on Wednesday, the equity induction will be routed through Prism TV, a company in which Mukesh Ambani-promoted Shinano Retail is a majority stakeholder.

The investment is among 10 others worth Rs.1,675.15 crore approved by the government based on the recommendations by the Foreign Investment Promotion Board.

Among the proposals approved is a Rs.620 crore investment of NTT Communications India for downstream investment in an Indian company yet to be incorporated for carrying out the telecom services.

It also approved a Rs.49 crore proposal by YourNest Angel Fund to invite up to 49 percent foreign investment from Tech Entrepreneurship India Company Limited, Mauritius.

The other proposals t