Walt Disney Co. announced a plan Wednesday to buy shares in Indian media conglomerate UTV Software and delist the company.

The Burbank entertainment company already owns 50.4 percent of Mumbai-based UTV, which makes movies, operates TV channels and produces video games for the fast-growing Indian market. Analysts believe Disney wants control of UTV to get more involved in Indian film production.

Disney plans to buy the stock between Jan 16 and Jan. 20 at a dollar equivalent price of $15.70 to $18.80 per share. The company hopes to buy about 30 percent of outstanding shares for about $384 million, giving it more than an 80 percent stake in UTV, which it would then delist.

The remaining shares will be owned by RS Group, a diversified New Delhi-based investment firm.

Shares of Disney were trading at $37.38 on the New York Stock Exchange at mid-day, down 24 cents, or less than 1 percent.