TV18 India Ltd has received the requisite license from the ministry of information and broadcasting to publish the Indian edition of Forbes magazine, according to a person familiar with the situation. The magazine will hit newsstands by the third week of May, our source said. TV18, part of Raghav Bahl-promoted Network18 Group, entered into an agreement with Forbes Media in December 2007 to launch a business magazine for the Indian market. In December 2008, the government issued new guidelines allowing Indian editions of foreign magazines. American designers Walter Bernard and Milton Glacer have designed Forbes India.

A TV18 spokesperson was unavailable for comment.