NATIONAL

Walt Disney's FDI proposal cleared

NEW DELHI OCT. 10. The Centre today cleared Walt Disney's Foreign Direct Investment proposal to set up a subsidiary with 100 per cent foreign equity for production of family entertainment.

This is among the 44 FDI proposals worth Rs. 180 crores recommended by the Foreign Investment Promotion Board.

Walt Disney would invest Rs. 50 crores worth FDI in its subsidiary in India.

The other major investment proposals cleared by the Finance Minister Jaswant Singh, pertain to road transport and highways, food processing industries, information and broadcasting, information technology, power and textiles, as per an official statement. — PTI