The Indian government has approved 10 proposals of Foreign Direct Investment (FDI) valued approximately at Rs 1259.92 crore crore based on the recommendation of the Foreign Investment Promotion Board (FIPB).
Among the Internet, Mobile and Media proposals, Walt Disney Company (Southeast Asia)’s proposal to induct foreign equity to expand its business in the country and make investments in other companies and subsidiaries of the company which includes broadcasting companies, has been approved. The company has received an approval for an investment of up to Rs 1,000 crore.
Earlier in the month, Walt Disney had officially confirmed the restructuring of its digital business after MediaNama had exclusively reported the company’s restructuring plans in June. The company had created a new division called DisneyUTV Digital, which will combine both the businesses and talent from Disney, UTV and Indiagames. As per the company, DisneyUTV Digital team will be managing all its mobile, video, audio, broadband, ITV, games and virtual world’s initiatives. DisneyUTV Digital will also be developing and managing all original content and games as well as content and brands from Disney, Marvel, UTV, and bindass.
Among the proposals which has been deferred by the government till later include:
- Unitech Wireless (Tamil Nadu) Pvt Ltd: To induct foreign equity in order to carry out the business of providing unified access services in the country. Previously, Unitech Wireless (Tamil Nadu) Pvt. Ltd’s proposal of inducting foreign equity to provide unified access services was recommended for the consideration of Cabinet Committee on Economic Affairs (CCEA), since the proposed investment i.e. Rs 8250 crore was much higher than the Rs 1200 crore threshold limit of FIPB. In September 2009, Telenor’s proposed Rs 3740 crore investment in Unitech Wireless was also referred to the CCEA since it was much higher than the FIPB’s Rs 600 crore threshold limit at that time.
- Multi Screen Media Pvt Ltd: To induct foreign equity in order to carry out the business of producing television programmes in Indian languages primarily designed for export, sales and distribution and to downlink certain television channels.
- InterCall Asia Pacific Holdings Pvt. Ltd, Singapore: To set up a wholly owned subsidiary (WOS) to carry out the business of providing audio, video and web conferencing services for business, commercial, banking and other establishments.
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