9X Media gets FIPB nod for New Silk Route takeover

9X Media gets FIPB nod for New Silk Route takeover

MUMBAI: 9X Media (formerly known as INX Media) will be under private equity firm New Silk Route and former Zee Entertainment Enterprises Ltd chief executive officer Pradeep Guha will have a stake, following the nod from the government allowing the company to make an amendment in foreign collaboration.

The proposal of 9X Media, after getting deferred twice, has received Foreign Investment Promotion Board (FIPB) approval for New Silk Route (NSR) Mauritius to make an additional investment of Rs 550 million as share capital.

This has cleared the road for NSR to up its stake in 9X Media from 20 per cent to 80 per cent while senior employees and Guha will be given equity.

The equity infusion by NSR will provide initial investment for the company‘s expansion plans that include the launch of regional language music channels in Punjabi, Bengali and a multi-lingual south music channel. 

Currently, Dunearn Investments and New Vernon Private Equity are two more foreign investors in INX. The domestic investors include Kotak‘s India growth fund and Kotak Mahindra Capital.

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