New Delhi – INX Media, launched by Indrani Mukerjea and ex-Star India CEO Peter Mukerjea, will become a foreign-owned entity. Mauritius-based private equity firm New Silk Route (NSR) is set to scale up its stake in the loss making INX Media from the current 20% to 80% by buying out stakes of some of the existing foreign and domestic investors, reports The Financial Express. In addition, NSE Mauritius will also fund the expansion of INX Media that is going to launch nine new television channels under the 9X brand. INX has been amidst a financial restructuring since last 10-12 months as a result it divested 9X to Zee Tele Films last month. In order to revive INX Media, NSR has not only agreed to infuse Rs 55 crore but will also pump in more money as per the business needs of the company. NSR Mauritius is the only existing shareholders out of a total of nine in INX Media that has agreed to infuse more funds in the company, a source familiar with the development told FE. Before NSR’s current move, the Indian shareholders in INX Media held together 53.78% while the foreign investors holding in the company stood at 46.12% including the 20% stake of NSR Mauritius. Last year, both Peter and Indrani Mukerjea had stepped down from their respective positions in INX as part of the financial restructuring exercise though they continue to hold stake in the company. Some percentage holdings of Mukerjeas is also expected to be bought over by NSR, sources said. According to a proposal sent by INX Media to the Foreign Investment Promotion Board, NSR Mauritius has agreed to make further investment in the company to the tune of Rs 55 crore as share capital. As a result, NSR’s stake in INX will go up to 80%, it said. Besides NSR, there are two more foreign investors in INX including Dunearn Investments and New Vernon Private Equity Ltd. Kotak’s India growth fund and Kotak Mahindra Capital are among the domestic investors in INX. NSR is expected to buy out the stakes of all private equity funds. As part of the restructuring, INX will divest its Hindi general entertainment channel 9X to Zee Tele Films.