On July 10th, 2016, Foreign Investment Promotion Board (FIPB) has approved FDI proposal of Macmillan Publishing International to invest Rs. 28.20 Crore (approx. $4.2 Million) into a fully owned “new company” to be incorporated in India.
Macmillan Publishers is a global trade publishing company, owned by Verlagsgruppe Georg von Holtzbrinck “Holtzbrinck Publishing Group”, with imprints in the United States, Germany, the United Kingdom, Australia, South Africa, and around the world. According to the press release by FIPB, it appears that the new company in India will be a wholly owned subsidiary of Macmillan Publishing International Ltd. in UK.