Mumbai, March 13. (PTI): Electronic media giant NDTV on Mondaysaid, it has signed an agreement with Com Ventures for an investment of Rs 88.40 crore ($20 million) in its UK subsidiary NDTV Networks Plc.

Com Ventures will invest $20 million in NDTV Networks Plc, the New Delhi-based broadcaster said in a statement to the Bombay stock Exchange.

NDTV had recently got approval from FIPB for foreign investment to the tune of Rs 585 crore for its foray into entertainment and lifestyle space.

A company official had confirmed that a proposed investment in group companies -- NDTV Imagine and NDTV Lifestyle -- by its overseas arm NDTV Networks UK has got the nod from FIPB.

Pranoy Roy-promoted NDTV Group had floated NDTV Networks Plc, UK, with an aim of bringing in investments for the entertainment and other non-news channels.

NDTV Networks will be driving the group's new business initiatives worldwide comprising entertainment, lifestyle, convergence, outsourcing, new channels set up in different countries and software developments.

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