NEW DELHI: The Government has approved the proposal by the Walt Disney Company (Southeast Asia) Pte Ltd, Singapore, for increasing its shareholding on fully diluted basis to 100 per cent of UTV Software Communications.

The Cabinet Committee on Economic Affairs approved the proposal following the recommendation of the Foreign Investment Promotion Board (FIPB) in its meeting on 15 November.

Disney, which holds 50.44 per cent in UTV, will infuse around Rs 20.13 billion for acquiring the remaining stake in the Indian media conglomerate.

UTV Software had announced on 26 July that Walt Disney had offered to buy out stakes held by public shareholders and other promoters of the company.

It had been announced that subsequent to the buyout of the public shareholders, the company will be delisted from both the Bombay Stock Exchange and the National Stock Exchange. "The delisting proposal entails an offer to acquire all outstanding equity shares held by public shareholders in the company," UTV said in a filing to the Bombay Stock Exchange.

Upon the completion of the transactions, Rohinton Screwvala shall cease to be an employee of the company and instead be employed by The Walt Disney Company India as its managing director.

UTV operates in five verticals - broadcasting, games, motion pictures, digital content and television content.

MUMBAI: Walt Disney has got the clearance from the Competition Commission of India (CCI) to buy out the shares of UTV Software Communications from the founder-promoters and the other shareholders in a deal pegged at Rs 20 billion.

The CCI approved the proposal as "it is not likely to have any appreciable adverse effect on competition". Disney wants to delist UTV from the stock exchanges.

UTV had approached the Commission on 1 August.

Quoting the CCI order, PTI reported: "Based on the facts on record and the notice of the proposed combination filed by the acquirer [Walt Disney] under sub-section [2] of section 6 of the Competition Act, and the examination of the businesses involved....The Commission, hereby, approves the proposed combination."

The CCI further observed that while the Disney Group was in the business of character merchandising and publishing through Disney India, the UTV Group was engaged in broadcasting, the PTI reported.

Currently, Walt Disney is the majority shareholder in UTV Software Communications with 20,497,994 equity shares, accounting for a 50.44 per cent stake.

The company?s board has approved the delisting proposal and the acquisition of shares from the public at a price not exceeding Rs 1000 per equity share.

MUMBAI: UTV Software Communications is launching UTV Stars simultaneously in India and the Middle East from 19 August.

UTV has collaborated with telecom operator and TV services provider Etisalat for the channel?s launch in the Middle East.

With the launch of the new channel, UTV strengthens its presence in UAE through Etisalat which also showcases UTV Bindass and UTV Movies in the region.

UTV Stars is the first Indian High Definition Bollywood Entertainment channel to be telecast in the UAE.

Said UTV CEO-Broadcasting MK Anand, ?The launch of UTV Stars reiterates our understanding of what the audiences need and our endeavor to fulfill that need gap by giving them exclusive and never seen before Bollywood content. UAE is a very important market as it has a large Indian diaspora which is crucial to tap and Etisalat provides the perfect platform to reach out to them. This will be the first time that an Indian channel will be simultaneously launched in India and UAE ensuring maximum reach from day one. It also gives us immense pleasure to be the first Indian Bollywood Entertainment channel to launch in High Definition in UAE and target the chunk of Bollywood enthusiasts residing in the region. ?

Etisalat is the first operator in the region to offer UTV Stars to its customers in the UAE as part of its ?eLife TV Basic Asian? choice package.

UTV Stars is a mass specialty entertainment channel, dedicated exclusively to Bollywood.

Etisalat CEO Rashid Sahoo Humaid said: ?We are very pleased to welcome UTV Stars on our platform. The addition of this first High Definition Bollywood Entertainment channel further strengthens our repertoire of entertainment options provided to our valuable customers and also substantiates our commitment to offer the best-in-class TV entertainment to our viewers.?