MGM cleared for Indian TV subsidiary
EmptyNEW DELHI -- The Indian government has cleared MGM Studios to establish a wholly owned subsidiary in the country.
An MGM spokesperson said Friday that the India's Foreign Investment Promotion Board has permitted MGM Programming Service India of Mumbai to invest foreign equity of up to 100%, amounting to $3.8 million.
The MGM channel is distributed here via Zee Telefilms' DTH company Dish TV.
"MGM recognizes the growth potential of India," said Jeff Pryor, MGM Studios executive vp corporate communications. "We tested the waters by putting the MGM channel on a (direct to home) platform in India. We are ready to move to the next step, and in order to do this, we needed to set up the appropriate business structure which we now have done."
Pryor added that it was still early to discuss any specific plans, "but we want to be in India and further establish our brand in the country."