Government clears Walt Disney's Rs 1,000-cr investment proposal

New Delhi: The government has cleared entertainment major Walt Disney's FDI proposal of Rs 1,000 crore to expand its operations in India.

Besides, the Foreign Investment Promotion Board (FIPB) cleared nine other FDI proposals amounting to about Rs 260 crore.

"Based on the recommendations of FIPB ... the Government of India has approved ten (10) proposals of foreign direct investment (FDI) amounting to Rs 1,259.92 crore approximately," the Finance Ministry said in a statement today.

The FIPB deferred decision on 16 FDI proposals, including that of Mahindra and Mahindra to set up a joint venture firm in defence sector and Unitech Wireless (Tamil Nadu) for providing unified access services.

Walt Disney Company (Southeast Asia) Pte 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 ministry said.

Also Equitas Holdings' has been allowed to increase foreign equity in an investing company while Mauritius based Anamika Tea Holding got government nod for acquisition of equity shares of a company engaged in business of plantation/ cultivation and manufacturing and selling of tea.

Of the 16 proposals on which FIPB deferred decision, half of them were related to pharmaceuticals and medical sectors. These included Pfizer (Mumbai), B Braun Singapore Pte ( Singapore) and Ordain Health Care Global (Chennai).

The ministry further said four proposals were also rejected by the FIPB.

The next FIPB meeting is scheduled for tomorrow.