The Ministry of Information and Broadcasting (MIB) has granted approval to Arugn Technologies to acquire Apollo Global-backed AION Capital’s stake in teleport operator Planetcast Media, paving the way for a significant ownership shift at one of India’s key broadcast services companies, according to sources familiar with the development, The Economic Times reported.

Arugn Technologies is a special purpose vehicle formed by Planetcast promoters Lallit Jain and Mahendra Nath Vyas. The approval marks a return of promoter-led control at Planetcast, which operates under an MIB licence and is among the country’s leading providers of uplinking and playout services to major broadcasters.

Planetcast Media, incorporated in 1996, plays a critical role in India’s broadcasting ecosystem, servicing a wide range of television networks with satellite and playout solutions. AION Capital had taken control of the company in 2017, acquiring it from Essel Group, Shyam Telecom and Kubera Partners as part of a broader restructuring of media assets at the time.