Aion Cap to acquire majority stake in PlanetCast Media

Aion Capital Partners today said it will acquire majority stake in PlanetCast Media Services, a technology service provider to the broadcasting industry, for an undisclosed amount.
AION has agreed to buy PlanetCast's stake from its shareholders including affiliates of the Essel Group, the Shyam Group and private equity firm Kubera Partners, said a statement.
PlanetCast, earlier known as Essel Shyam Communications, was founded in 1996 and is providing technology-led managed services to the broadcasting industry in India and neighboring countries.
Commenting on the development AION Fund Partner Utsav Baijal said: "We believe PlanetCast is a market leading franchise that delivers best-in-class digital media solutions to its customers. We look forward to working with PlanetCast's talented and dedicated team to continue the business's strong heritage of innovation and customer satisfaction."

PlanetCast Promoter Jawahar Goel said: "We are pleased to have sponsored PlanetCast during this period of significant growth and transformation. PlanetCast's foundation as a leader in the broadcasting services industry, position the company well for its new ownership under the AION Fund."
Following the acquisition, PlanetCast will continue to be led by the current management team, the statement said.
AION Fund is an India-focused fund established by an affiliate of Apollo together with ICICI Venture Funds Management Company Limited.
The AION Fund, with approximately USD 825 million in committed capital, is currently one of the largest private equity funds in India.