Walt Disney Co. has agreed to buy Hungama, an Indian children's TV channel that broadcasts in Hindi, for about $30.5 million as it ramps up investment in the fast-growing market.

As part of the deal, Disney （Charts） will take a 14.9 percent stake in UTV Software Communications Ltd., the diversified Indian media group that owns film and television assets, including Hungama via its United Home Entertainment unit.

"Television is and will continue to be the major growth engine in building franchise affinity in India," said Rich Ross, president of the Disney Channel Worldwide.

Disney, based in Burbank, Calif., already operates a Disney Channel and Toon Disney/Jetix in India, which reach 30 million homes on cable and satellite. Disney program blocks reach a wider audience on a terrestrial network.

Hungama programming targets children ages 4 to 14 and includes such characters as Fireman Sam, the impish penguin Pororo and talking airplane Jay Jay.

UTV said Disney would be issued 3.4 million shares of UTV Software Communications at 192.5 rupees each.

UTV's shares were down 1.8 percent at 171.20 rupees in afternoon trading, off a high of 193 rupees, in a firm Mumbai market. Disney shares closed at $29.37 on Monday