Zee Entertainment to invest Rs 522 cr on subsidiary Margo Networks

Zee Entertainment Enterprises Ltd (ZEEL) on Thursday said its board has approved investing Rs 522 crore in its arm Margo Networks Pvt Ltd, which offers content distribution services under ‘SugarBox’ brand that empowers to users without an active internet connection to use mobile apps.

The board of the company at its meeting held on April 8, 2020, has agreed to extend financial and operational support to SugarBox and the company will invest a sum of Rs 522 crore in SugarBox over a period of time, ZEEL said in a regulatory filing.

ZEEL will provide operational support, including through providing performance and corporate guarantees as appropriate and necessary and has authorised SugarBox to finalise the terms of 10 years contract with RailTel Corporation of India Ltd, it added.