MUMBAI: The Indian government has approved The Walt Disney Company South East Asia?s foreign direct investment (FDI) proposal to induct Rs 10 billion in The Walt Disney Company India.

The company wanted to induct foreign equity for business expansion and making downstream investment in other companies and subsidiaries of the company, including broadcasting companies.

Besides Disney?s proposal, the government also approved nine other FDI proposals amounting to Rs 2.59 billion approximately.

UK-based Packt Publishing has also received government approval to induct foreign equity amounting Rs 700,000 to carry out the business of publication books.

In February, The Walt Disney Company had increased its ownership stake in UTV Software Communications to 93 per cent from 50 per cent by buying out promoters stake for $377 million in line with the company?s strategic priority of increasing its brand presence and reach in key international markets.

The company had also assumed approximately $300 million of UTV?s borrowings.

Additionally, the company has paid $63 million to acquire an incremental six per cent stake for Rs 1,100 per share bringing its ownership percentage to 99 per cent.

Upon consolidation, the company recognised a non-cash gain of $184 million ($116 million after tax) as a result of adjusting the carrying value of the company?s 50 per cent equity investment to its estimated fair value of $405 million.

Subsequently, UTV was delisted from the Bombay Stock Exchange and its promoter Ronnie Screwvala was appointed as the managing director of The Walt Disney Company India.

Meanwhile, the FDI proposal of leading television network Multi Screen Media (MSM) was among the 16 proposals that were deferred.

MSM wanted to induct foreign equity to carry out the business of production of television programmes in India languages primarily for export, sale and distribution of Indian language audio visual production besides downlinking certain TV channels.

Hyderabad-based Scribble Media & Entertainment?s proposal to induct foreign equity for carrying out the business of its evening news publication Post Noon was also deferred.

MUMBAI: The Indian cricket board has approved Star India?s purchase of the media rights for international cricket played in India for a period of six years till 2018.

Star India had last month sprung a major surprise by bagging the BCCI media rights for Rs 38.51 billion, beating Multi Screen Media which had bid Rs 37 billion. Interestingly, ESPN Star Sports, the equal joint venture between Star and ESPN, did not bid.

"The BCCI working committee ratified the grant of media rights to Star India Pvt. Ltd. for the next six years - 2012 to 2018," BCCI secretary Sanjay Jagdale said in a media statement.

The WC has also recommended inclusion of a Pakistani team in Champions League Twenty20 tournament, a move aimed at attracting eyeballs. ESPN Star Sports holds the rights for a period of ten years till 2017, paying a whopping $975 million.

The Champions League T20 Governing Council will look into the recommendations of the working committee.

The move comes three years after the 26/11 terror attacks, which led to a break-up of bi-lateral cricketing ties between the two countries.

A Pakistani team, Sialkot Stallions, was expected to participate in the inaugural edition of CL T20. However, the terror attacks led to the exclusion of Pakistan from the tournament.

"The Working Committee has decided to invite a team from Pakistan to play in Champions League Twenty20 to be held in October," BCCI president N Srinivasan told reporters after the Board?s working committee meeting.

Srinivasan said the recommendation will be forwarded to CLT20 Governing Council for the approval of Cricket Australia, and Cricket South Africa, who are also founding members of the tournament.

"We will recommend to the GC that the BCCI has no objection and is prepared to invite a Pakistan team in the Champions League," he added.

Modeled on the lines of Football?s Champions League, CL T20 draws teams from India, Australia, South Africa, Sri Lanka, West Indies, and New Zealand. Teams that win their respective national T20 competition qualify for the tournament.

The inaugural edition of the competition featured 12 sides from seven nations and was held in India. In 2010, CLT20 moved to South Africa where 10 sides from six nations locked horns at four venues.

Last year, the tournament returned to India with a pre-tournament qualifier with six teams facing off in a qualifier in Hyderabad. The three top teams from qualifiers joined seven already confirmed teams making it a 10-team tournament.

NEW DELHI: MTV Hero Roadies season 9 is commencing from 7 January.

MTV India EVP and business head Aditya Swamy said, "Roadies has become much more than a TV show? it?s a phenomenon. Such a wide cross section of people follow Roadies, across every possible screen that it just goes to show that there is a Roadie in every one of us. A lucky few will get to live out the dream?Will dreams come true or turn into nightmares...The battle begins for Everything or Nothing?"

Raghu Ram, the producer of Roadies added, "It?s amazing to see how youngsters travel from different parts of the country and queue up for the auditions. The levels of energy and fervour displayed are phenomenal and inspiring. This year we come back with a different dose of edgy, limitless Roadies madness."

This season also introduces "Everything or Nothing" as a motto to thrive on and contestants will participate in each task with vigour and valour to earn their spot in the series.

The auditions for the show, to be aired every Saturday at 7 pm, will be flagged off from Delhi. The search to pick the deserving participants will then move to Pune making a stop in Kolkata. Then the Roadies bus will halt in Chandigarh and Hyderabad.