Arugn Tech gets MIB clearance to buy out Apollo-backed AION’s Planetcast stake

The promoter-backed SPV has funded the transaction through a Rs 600-crore NCD raise; AION’s exit marks the end of an 8-year holding that began with its 2017 control buy-in

by e4m Staff
Published: Jan 2, 2026 9:08 AM | 2 min read

Arugn Technologies Pvt Ltd has received the Ministry of Information & Broadcasting (MIB) approval to acquire AION Capital’s shareholding in Planetcast Media Services Ltd, paving the way for a change of control in the broadcast services and teleport player.

The deal formalises AION Investments’ complete exit from Planetcast. Legal adviser Shardul Amarchand Mangaldas (SAM) said it acted for AION Investments Pvt Ltd., a special purpose vehicle of a fund managed by affiliates of Apollo Global Management on the sale of AION’s entire stake in Planetcast to Arugn Technologies.

Credit-rating agency ICRA, in its rationale note, has detailed that Arugn Technologies (ATPL) raised Rs 600 crore via non-convertible debentures as part of the transaction funding. ICRA also indicated that it has taken a consolidated view of Planetcast and ATPL due to the impending merger between the two entities, following ATPL’s acquisition of AION’s stake.

ICRA describes ATPL as an SPV (special purpose vehicle) owned by Planetcast’s promoters, and notes that the promoters M.N. Vyas and Lallit Jain were founding members of the entity being acquired.

AION’s exit closes a cycle that began in 2017, when it bought a controlling stake in Planetcast after acquiring stakes from Essel Group, Shyam Telecom and Kubera, taking its holding to 90% at the time, according to LiveMint’s reporting from that period.

Planetcast operates under an MIB licence (as referenced in ICRA’s company background), which makes regulatory approvals a key step in ownership changes in broadcast infrastructure and distribution services.