The Ministry of Information and Broadcasting (MIB) has approved Arugn Technologies’ proposal to acquire Apollo Global-backed AION Capital’s stake in teleport operator Planetcast Media, marking a significant change in ownership at one of India’s key broadcast services companies, said sources privy to the development.
Arugn Technologies is a special-purpose vehicle of Planetcast promoters Lallit Jain and Mahendra Nath Vyas. Planetcast Media, incorporated in 1996, operates under an MIB licence and is among the leading providers of uplinking and playout services to major broadcasters in India.
AION Capital had taken control of Planetcast in 2017 from Essel Group, Shyam Telecom and Kubera Partners.
At the time, AION functioned as a joint venture between Apollo Global and ICICI Venture, before the JV was dissolved in 2020, leaving Apollo Global as the primary backer.
AION acquired 90.2% in Planetcast, partly via LM Media, translating into an effective 84.4% stake after LM Media merged with Planetcast. To finance the acquisition, Arugn has raised ‘600 crore through non-convertible debentures. This liability will move to Planetcast Media’s balance sheet after the merger.
Source: Economic Times