[by Cerius Shah] BAG Films has been cleared for a Rs 20.5 million FDI investment and a Rs 400 million foreign currency convertible bond raise to fund expansion in news, non-news channels and FM radio. For the quarter ended 31 Dec, 2007, BAG posted a profit of Rs 18.76 million, 48% higher than last fiscal. BAG recently launched its news channel News 24 (the ads with the burning mic) and plans to launch a 24x7 Entertainment news channel named E-24 in the next quarter.