James Murdoch, Uday Shankar form investment venture; get $1.5 bn funding

Lupa Systems founder James Murdoch and Uday Shankar, the ex-chairman and CEO of Star India and the former president of Walt Disney Asia Pacific, on Wednesday announced formation of an investment venture Bodhi Tree, which will raise up to USD 1.5 billion from the Qatar Investment Authority (QIA).

This new venture is designed to invest in media and consumer technology opportunities in Southeast Asia, with a particular focus on India, the two partners said in a statement.

The newly formed venture will be run by Murdoch, the former 21st Century Fox CEO, and Shankar as co-chairs, combining decades of experience influencing the region's media landscape and emerging consumers, it added. ''QIA will be committing up to USD1.5 billion in Bodhi Tree's vision being pursued by Murdoch and Shankar,'' the statement said. The development comes amid reports of Murdoch and Shankar planning to pick up nearly 40 per cent stake in broadcasting major Viacom 18, which runs television and digital entertainment channels.

Stating that opportunities abound to scale exciting businesses in India and the broader Southeast Asia region, they said, ''Our continued focus on investing and building relationships in these regions comes from our deep conviction in the long-term growth of these economies and the incredible power of these consumers, as these sectors are transformed by technology.'' QIA CEO Mansoor bin Ebrahim Al-Mahmoud said: ''QIA is proud to play a key role in bringing Bodhi Tree to reality. QIA is investing in the technology and media space and India is a key market for us. QIA looks forward to backing Bodhi Tree as they drive forward their growth plans in the future