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Nimbus receives Rs 5.5 billion from 3i, Cisco, Oman Fund

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MUMBAI: Nimbus Communications Ltd. has attracted an investment of Rs 5.52 billion (approx $125 million) from 3i, Cisco and Oman Investment Fund (OIF).



This marks 3i's second round of investment in Nimbus, the entry of OIF into the Indian market and Cisco's continued strategy to invest across the Indian content industry. 3i had invested $45 million in Nimbus 18 months back.



The investment is in the form of compulsorily convertible bonds that will convert into equity based on a pre-set formula, prior to an IPO or trade sale.



The funds will largely be deployed towards sports rights acquisitions, developing global sports events, financing Indian language and international film production and distribution, developing further digital content production for wireless and VOD/IPTV platforms and expanding the broadcasting operations of the company.



Nimbus was advised in this transaction by London based Euromax Capital and Mumbai based Enam Financial Consultants.



In the last quarter of 2006, Nimbus launched two pay TV sports channels, NEO Sports and NEO Sports Plus, which are exclusively distributed over cable and direct-to-home platforms by Star India.

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