The Indian government on Thursday said it has approved US-based Walt Disney’s Rs1,000 crore (Rs10 billion) investment proposal in broadcasting business in India. Based on the recommendations of the Foreign Investment Promotion Board (FIPB), the government approved the Walt Disney’s investment proposal at a meeting held July 27, 2012, finance ministry said in a statement. The American firm’s proposal is for “induction of foreign equity for inter alia expansion of the business and making downstream investment in other companies and subsidiaries of the company, including broadcasting companies.” From gulftoday