NEW DELHI: PVR Leisure Limited has received approval from the Foreign Investment Promotion Board (FIPB) to receive Rs 501 million as equity investment from a foreign private equity investor.

The foreign private equity investor is L Capital Eco with whom PVR had signed a definitive agreement for investing the amount in PVR Leisure and another Rs Rs 577 million in PVR Ltd, a film exhibition company.

The private equity investor L Capital Eco is a Mauritius-registered subsidiary of L Capital Asia LLC, the Asian private equity business sponsored by global luxury goods retailer LVMH.

As per the agreement with L Capital, PVR Leisure will house in-mall entertainment, gaming, food and leisure businesses. PVR has still not announce how much stake L Capital will get in PVR Leisure.

PVR will be transfering its holding in PVR bluO Entertainment Ltd to PVR Leisure.

The FIPB also considered a proposal from Multi Screen Media Pvt Ltd (MSM), the owners of Sony Entertainment Network, for induction of foreign equity into the company to carry out the business of production of television programmes in Indian languages primarily for export, sale and distribution of Indian language audio visual production, and downlink of certain TV channels.

The FIPB, however, decided to ?communicate separately? its decision on MSM?s proposal.

The FIPB said it will also communicate separately its decision on a proposal from Wire and Wireless India Ltd (WWIL) (now renamed Siti Cable) to issue warrants for bringing in foreign equity investment for its cable TV network business.