Walt Disney ( DIS) is stepping up its presence in the fast-growing Indian market. The Burbank, Calif., media conglomerate said Tuesday it agreed to buy Mumbai-based children's TV channel Hungama. It will also take an equity stake in media company UTV Software Communications, a Hungama owner, through umbrella group United Home Entertainment. UTV businesses include television and film production and distribution, plus animation. The acquisition is driven by Disney's desire to be a larger presence in the rapidly growing Indian media market. News reports pegged the deal at $30 million for Hungama and an additional $15 million for the UTV stake. ''India is a long-term strategic priority for The Walt Disney Company," said Walt Disney International President Andy Bird, in a statement. "The acquisition of Hungama TV and the investment in UTV will significantly advance our presence in India and allow us to develop a strategic relationship with one of the country's leading integrated media companies." ''Not only will we be acquiring a great channel asset, The Walt Disney Company will also be able to participate in UTV's diversified media businesses and bring to UTV our global media and synergy expertise, including developing and distributing high quality family friendly content in nearly 200 countries worldwide and expanding related franchises across film, television, music, merchandise, new media and live entertainment,'' added Bird. Launched in September 2004, Hungama is a 24-hour Hindi-language entertainment cable channel for children. Disney said it currently reaches over 107 million homes in India through a program block on the terrestrial network and that Disney Channel and Toon Disney/Jetix reach 30 million homes on cable and satellite in the country. Disney shares traded down 8 cents to $29.29 on Tuesday's news.