Government clears Walt Disney Publishing proposal

New Delhi: The government Monday approved 12 foreign direct investment proposals worth more than Rs.1,045 crore from, among others, the global animation, publishing and entertainment giant Walt Disney.

“Based on the recommendations of Foreign Investment Promotion Board in its meeting held on February 12, Government has approved 12 proposals of foreign direct investment amounting to Rs.1,045.61 crore approximately,” said an official statement.

Though Walt Disney’s proposed investment figure was not available, as per the details of the proposal, the company would undertake additional activities of printing and publishing a speciality magazine.

Among some other big investments cleared by the board are a Rs.360 crore proposal from Soma Highways Projects towards “induction of foreign investment in an investing company”.

A total of 11 proposal including those from Essar Capital Holdings, Verizon Communications, Star India Holding, and Etisalat DB Telecom were deferred, while seven were rejected.

A proposal from Bharat Oman Refineries was referred to the Cabinet Committee on Economic Affairs (CCEA) for its consideration.

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