Foreign funds are picking up just under half of the equity in INX Media - the company set up by Indrani Mukherjea, the wife of former STAR India chief executive Peter Mukherjea - that plans to launch a bouquet of news and entertainment channels.

Temasek Holdings, through Dunearn Investments, is picking up 19 per cent of the equity, investment firm New Silk Route 20 per cent, and New Vernon Private Equity Fund 6.31 per cent, according to INX's application to the Foreign Investment Promotion Board.

The Indian partners include Kotak Mahindra Capital and Srei. New Vernon, founded by Arshad Zakaria, former executive president of Merrill Lynch, holds 10.1 per cent equity in Jagran TV, but has obtained no-objection certificate from it to invest in another television company as required under the government norms.

INX has planned entertainment channels in Hindi, Bengali, Marathi, Punjabi and Gujarati and music channels in Hindi, Bengali and Punjabi. It will also acquire 26 per cent equity in another company, to be known as INX News that will run news channels.

The company, in its application, has sought permission to allot equity shares at Rs 10 each and issue convertible non-cumulative redeemable preference shares that would collectively represent over 46.2 per cent of the equity capital of the company.

INX is among many new entrants into the broadcasting space.

As many as 20 new channels are expected to hit the market in 12-24 months. BAG Films, for instance, is coming out with four new channels while NDTV has applied for permission to get into the entertainment and lifestyle genres.