The Indian government on Wednesday cleared 19 foreign investment proposals, including that of Walt Disney Company, entailing total investment of 23.27 billion rupees (about 387 million U.S. dollars).
"Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on June 11, 2014, the government has approved 19 proposals of foreign direct investment (FDI) amounting to 23.27 billion rupees approximately," the Finance Ministry said in a release.
The government gave its nod to the proposal of Walt Disney Company (Southeast Asia) Pte Ltd, Singapore to infuse additional capital in India's UTV Software Communication by way of subscription to equity capital up to 11 billion rupees and also make additional investments from time to time.
The Finance Ministry further said decision on seven FDI proposals has been deferred. These include proposal of Ahlcon Parenterals (India) (pharmaceutical sector), Indian Rotorcraft Ltd (defense) and UBM Medica India (print media).
The other investment proposals cleared are that of TTK Protective Devices (Chennai), BNP Paribas India Holding, Pfizer Limited (Mumbai), News Laundry Media, J2 Global Ireland, Morgan Stanley Global Services Mauritius (Mauritius) and Brightstar Infrastructure (Mumbai).
