The Government on Thursday approved a US$180mn foreign direct investment (FDI) plan by US media group Walt Disney Co.
Disney had in February acquired a controlling stake in UTV, then delisted it after spending ~US$375mn to buy out other investors.
Disney had asked the Government permission to invest Rs 10bn to expand its business in India and invest in subsidiaries including broadcasting companies.
Finance Minister P. Chidambaram cleared 10 FDI proposals worth Rs 12.6bn, on the recommendation of the Foreign Investment Promotion Board (FIPB), the Government said on Thursday.
The FIPB is due to meet on Friday to consider 10 FDI proposals from pharmaceutical companies, including eight that had been deferred in earlier meetings.