MUMBAI: Universal Music India has got Foreign Direct Investment (FDI) approval from the Government of India for a sum of Rs 12 million (Rs 1.2 crores) to convert the operating company into an operating cum holding company to make further downstream investment.

This amount will be invested as the seed capital for the music company’s joint venture with Eros International, which was announced in December last year.

Speaking to Businessofcinema.com, Universal Music India CEO Rajat Kakar says, "This is the seed capital that is required for us to get going on the new joint venture that we have with Eros International. We are currently in the planning stages and the total investment that is required for the same will be finalised in a couple of months."

Search is also on for a CEO to head the new JV company, which is an artist-management agency that will groom and promote Indian pop talent locally and globally.

Kakar is the inaugural chairman of the JV, whereas Eros International India president Sunil Lulla and Eros International Group COO Jyoti Deshpande are on the JV’s board of directors.