Thursday, India's government approved Disney's plan to invest $233 million into media group UTV, per THE HOLLYWOOD REPORTER.
Disney's investment further establishes its entry into the Indian market through UTV and complements its fast-growing Disney-branded businesses and long-held joint venture in ESPN STAR Sports.
With the approval of India's Foreign Investment Promotion Board, Disney will be increasing its stake in UTV to 32.1 percent on a fully diluted share capital basis.
Disney's investment is worth $203 million.
Disney's investment will be made through a preferential allotment of new UTV shares.
In addition, Disney will make an open tender offer to the UTV shareholders as required under Indian securities regulations and detailed in a public announcement to be made to UTV shareholders.
Concurrently with its UTV investment, Disney will invest approximately $30 million for a 15 percent stake in UTV Global Broadcasting Limited, which the Indian government also approved.
Outside of the U.S., India is the largest market Disney has invested in for local production, with more than 6,000 episodes of trans-created content (including three local languages) for Disney Channel and Jetix.
Disney also has stakes in the Indian mobile phone business, Bollywood and licensing agreements for consumer products.
UTV Global recently launched the youth channel Bindass, Bindass Movies and World Movies.
The companies originally made the announcement of the deal in February of this year.
