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Government rejects Rajasthan Royals' FDI proposal

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Old 11-18-2009, 03:34 AM
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Default Government rejects Rajasthan Royals' FDI proposal

MUMBAI: The government has turned down a proposal by Jaipur IPL Cricket Pvt Ltd (JIPL), owners of the Rajasthan Royals Indian Premier League cricket team, for inducting foreignworth over $5.82 million (about Rs 267 million).

UK-based Emerging Media (IPL) Ltd. was to be issued JIPL. This is against $50,48,885.25 deposit paid by the British firm to the Board for Control of Cricket in India (BCCI).

JIPL had also sought to issue shares to EM Sports Holding Ltd, Mauritius (MHC) for $7,73,480.99 against the same amount paid as franchise fee by MHC to BCCI on behalf of JIPL, the PTI reported.

The Department of Economic Affairs (DEA) had earlier conveyed 'no objection' to the transaction, subject to satisfactory proof of he proposal did not entail physical flow of FDI into the country.

According to PTI, JIPL, a wholly-owned subsidiary of MHC, was incorporated in March 2008 for managing and operating the Rajasthan Royals team, co-owned by actor Shilpa Shetty, that won the first IPL outing in 2008.

MHC is a joint venture between EMIPL, Tresco International Ltd and two other firms based in Hong Kong and Bahamas.

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