New Delhi : The government has cleared 19 foreign investment proposals (FDI), including one of Walt Disney Company, entailing a total investment of Rs. 2,326.72 crore.
“Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on June 11, 2014, Government has approved 19 proposals of foreign direct investment (FDI) amounting to Rs. 2326.72 crore approximately,” the Finance Ministry said in a release.
The government gave nod to the proposal of Walt Disney Company (Southeast Asia) Pte Ltd, Singapore to infuse additional capital in UTV Software Communication by way of subscription to equity capital up to Rs. 1,100 crore and also make additional investments from time to time.
Even though Walt Disney has acquired UTV Software Communications completely after delisting the Company from the Indian Stock Market, the infusion of additional capital through this FDI is to fund the operations and expansion of various verticals.
The Govt also cleared few more Media related FDI proposals namely News Laundry Media which runs couple of portals targeting the Journalists and Top news anchors in the print and television medium and J2 Global Ireland a company involved in Business Cloud Services with a Digital Media arm that runs couple of B2B portals.
However, the government had deferred its decision on a print media entity UBM Medica that creates and distributes a wide range of healthcare information including medical and drug information systems, medical journals, customized communications and patient education in Print, Electronic, Web, Broadcast and Live Event formats.
It may be noted that last September The Walt Disney had completely closed down the Television Content Division of UTV Software Communications owing to poor performance.