AION Fund picks up majority interest in Essel Group's PlanetCast Media

AION Fund is an India-focused fund established by an affiliate of Apollo with ICICI Venture Funds

AION Capital Partners Limited (the “AION Fund”), have agreed to acquire a majority interest in PlanetCast Media Services Limited (earlier known as Essel Shyam Communications Limited) (“PlanetCast”) from shareholders including affiliates of the Essel Group, the Shyam Group and private equity firm Kubera Partners.

The 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 US$825 million in committed capital, is currently one of the largest private equity funds in India.

Founded in 1996, PlanetCast is a professionally managed, provider of technology-led managed services to the broadcasting