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Indian Government Approves Disney’s Buyout Of UTV

The Cabinet Committee on Economic Affairs has approved Disney’s FDI Proposal to increase its shareholding from 50.44% to 100% in UTV Software Communications Limited. The press statement however, again mentions the current shareholding as 48.02%. It states that this approval is expected to bring in an FDI inflow of Rs 8250 crore. This FDI proposal was earlier sent by India’s Foreign Investment Promotion Board (FIPB) to the cabinet committee for approval since the proposed investment i.e. Rs 8250 crore was much higher than the threshold limit of FIPB, which currently stands at Rs 1200 crore. Disney currently holds 20,497,994 equity shares of UTV, which constitutes 50.44% of the current paid up capital of the company. In July 2011, the company was looking to acquire 19.82% stake of the Indian media conglomerate UTV Software, currently held by UTVs promoter group (RS Promoters) – Ronnie Screwvala, Unilazer Exports and Management Consultants, Unilazer (Hong…

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