AION Capital Partners to acquire 41% stake in Planetcast Media Services from Kubera Partners for $22.5m

AION Capital Partners Ltd, an India-focused special situations fund, has acquired a 41% stake in Planetcast Media Services Ltd from Kubera Partners for $22.5m. PMSL, formerly known as Essel Shyam Communications Ltd, offers services in the areas of digital media distribution and technology, content production and acquisition, and cloud broadcasting and streaming services to clients. AION is an India-focused fund established by an affiliate of Apollo Global Management Llc together with ICICI Venture Funds Management Co. Ltd, with some $825 million in committed capital. In 2008, Kubera Partners invested $17m for close to a 41% stake in the Noida-based firm through a primary investment and a secondary purchase of shares from existing shareholders.