Bachchans acquire minority stake in Singapore based firm

This article was last updated on April 16, 2022

Canada: Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…
USA: Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…While most film personalities are busy investing in their respective films, the Bachchans decided to venture into a different territory. In fact the Bachchans have acquired minority stake in Meridian Tech Pte of Singapore, which owns ziddu.com, a free cloud storage and e-distribution startup for a whopping $71 million.

However, this investment has landed the Bachchan family in the middle of an ongoing farce between the Reserve Bank of India and the Finance Ministry. Apparently, this unforeseen issue arose since under the RBI's liberalised remittance scheme (LRS) any resident Indian is allowed to invest up to a certain amount in foreign assets. But in February this year, the RBI in its monetary policy statement announced that the LRS limit was being raised from $125,000 to $250,000 per person per year. However, the finance ministry is yet to approve RBI's decision.

Due to this, the Bachchans initial plan on investing as much as $500,000 in Meridian underwent a change with the family settling for a lower investment. Since banks refused to handle remittance beyond $125,000 per person, the family finally invested the said amount via funds in their offshore accounts.

Article written by staff at Bollywood Hungama. Read more