Walt Disney has been given the green light to takeover UTV Software Communications.
In July this year, UTV Software had announced that Walt Disney was interested to buyout stakes held by public shareholders and other promoters of the company.
Currently Disney holds 50.44 per cent in UTV with the remainder acquisition set to cost the American giant Rs. 20.13 billion.
The deal has been approved by the Cabinet Committee on Economic Affairs after it was given the nod by the Foreign Investment Promotion Board last month.
UTV Software business consists of broadcasting, games, motion pictures, digital content and television programming.
Incidentally, UTV is foraying into the UK market with the launch of its new Bollywood film channel UTV Movies India on Monday.