By IANS,
New Delhi: The Indian government Thursday said it has approved US-based Walt Disney’s Rs.1,000 crore investment proposal in broadcasting business in India.
Based on the recommendations of the Foreign Investment Promotion Board (FIPB), the government approved the Walt Disney’s investment proposal at a meeting held July 27, 2012, finance ministry said in a statement.
The American firm’s proposal is for “induction of foreign equity for inter alia expansion of the business and making downstream investment in other companies and subsidiaries of the company, including broadcasting companies.”
The government has also approved nine other investment proposals. The total approved foreign direct investment (FDI) in the 10 proposals are to the tune of Rs.1,259.92 crore.
Meanwhile, the government has deferred 16 proposals and rejected four proposals of overseas investments.