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Rajeev Chandrasekhar, the former owner of BPL Mobile, has acquired 51 per cent stake in Malayalam TV network Asianet Communications. Chandrasekhar sold BPL Mobile , a telecom company with cellular services in four circles like Mumbai, Kerala, Maharashtra and Tamil Nadu, to Essar last year for $1 billion. Chandrasekhar made Rs 1450 crore from the deal which he is using to invest in businesses.

He has picked up the stake in Asianet through his newly floated investment company Jupiter Capital Ventures for a sum between Rs 120 crore and Rs 150 crore.

Current owner of Asianet, NRI businessman Reji Menon, Asianet MD K Madhavan, and Zee Group hold the remaining 49 per cent stake. Zee's holding is only a small 3 per cent stake. Madhavan will continue to be the managing director of Asianet, while Chandrasekhar will become the chairmans of the company after the deal gets statutory approvals.

Chandrasekhar already owns FM Radio service Indigo.

Read - Rajeev Chandrasekhar buys 51% in Asianet, deal size seen at Rs 150 cr