India approves Walt Disney's FDI proposal to invest 180 U.S. dollars

NEW DELHI, Aug. 23 (Xinhua) -- In a major step to spruce up its slowing economy, India Thursday said that it has approved U.S.- based media group Walt Disney's proposal to invest a whopping 10 billion rupees (180 million U.S. dollars) in the country.

Indian Finance Minister P Chidambaram gave his nod to the proposal of Walt Disney Company (Southeast Asia) Private Limited, a unit of the parent company, to invest the money in the country, including in various media organisations, based on the recommendations of state regulator Foreign Investment Promotion Board, a government statement said.

Walt Disney's proposal was 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 Finance Ministry statement added.

Walt Disney's proposal was among 10 others foreign direct investment proposals worth 12.6 billion rupees which were cleared by the Finance Minister.

Disney had already bought a stake in UTV, considered to be one of India's leading media companies.

Walt Disney is a leading diversified international family entertainment and media enterprise with five business segments -- media networks, parks and resorts, studio entertainment, consumer products and interactive media. Enditem

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