The government today approved 10 foreign direct investment (FDI) proposals worth nearly Rs1260 crore, including Rs1,000 crore investment by Walt Disney for expanding its operations in India.
The $1,000-crore induction of foreign equity is for expansion of the business and making downstream investment in other companies and subsidiaries of the company, including broadcasting companies.
Disney had already bought a stake in UTV, one of India's leading media companies.
Walt Disney operates in five business segments, including media networks, parks and resorts, studio entertainment, consumer products and interactive media.
While the government approved 10 proposals on the basis of recommendations of the Foreign Investment Promotion Board (FIPB), the board had sought to defer decisions on 16 other FDI proposals. These include an application by Mahindra & Mahindra to set up a joint venture firm in the defence sector and that of Tamil Nadu-based Unitech Wireless for providing unified access services.
Other proposals cleared include Rs140 crore investment by Equitas Holdings to increase foreign equity in an investing company
DEG-Deutsche Investitions-und Entwicklungsgesellschaft mbH. a German company also received clearance for its Rs55 crore investment into the India Fund which will act as investing company to invest in equity and debt instruments of Indian companies engaged in infrastructure service, supply-chain and logistics, healthcare services, entertainment and leisure goods and consumer packaged goods.
Mauritius-based Anamika Tea Holding also received the go-ahead for acquisition of equity shares of a company engaged in business of plantation/cultivation and manufacturing and selling of tea. The FDI inflow, however, is a mere Rs1.85 crore.