3i to invest $45 in Nimbus

3i, a private equity and venture capital firm, will invest $45.50 million in sports and media company Nimbus Communications Ltd.

The $45.50 million private equity investment will be used to fund sports rights acquisitions, develop global sports events, augment long-term working capital, fund investments in TV production and infrastructure expansion, Nimbus Communication's executive chairman Harish Thawani said in a release on Monday.

The funds will also be used to finance Indian language and international film production, film distribution, mobile content distribution and develop digital content production for wireless and video on demand platforms, he added.

The investment, which is the largest ever private equity investment in the $5 billion Indian media and entertainment industry, was mandated by London-based financial services boutique Euromax Capital.

"3i likes companies that seek aggressive growth tempered by prudent capital management. We believe that Nimbus with its impressive track record, management depth and global business strategy is well positioned to achieve its goal of becoming a billion dollar company by 2010," 3i managing director and co-head Asia, Anil Ahuja said.