Zee Entertainment Enterprises Ltd. (‘Z’) said on Friday, April 17 that it has approved an investment of up to ₹116 crore in Phantom Digital Effects Ltd. (PhantomFX) through compulsorily convertible debentures (CCDs) on a preferential allotment basis, in one or more tranches.
The decision was taken at a Board meeting held on April 17, 2026.
As per a press release filed at exchange, the investment is subject to approval from PhantomFX’s shareholders, with the company having already initiated the necessary Board approvals.
The move is aimed at strengthening Zee’s presence in the Animation, Visual Effects, Gaming and Comics (AVGC) segment.
As per the filing ‘Z’ will leverage PhantomFX’s global experience, proprietary workflows and AI-integrated production capabilities to enhance its content ecosystem.
Zee said that the partnership will also enable its access to production efficiencies across animation and VFX-led projects, to build high-impact content properties across premium OTT originals, animated kids content, gaming & interactive formats, mythology and fantasy genres.
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Speaking about the strategic investment, Punit Goenka, Chief Executive Officer, Zee Entertainment Enterprises Ltd. said, “The strategic investment in PhantomFX marks a firm step forward in our ambition to build scale and enhance innovation depth.”
He added that PhantomFX’s global expertise in high-end animation and VFX perfectly complements their aspiration to create immersive and more engaging content IPs that travel across geographies and formats.
Both companies also plan to jointly develop original intellectual properties for OTT, gaming and licensing.
Commenting on the association, Bejoy Arputharaj, Founder and Chief Executive Officer, Phantom Digital Effects Ltd said, “We are delighted to collaborate with a leading content powerhouse like ‘Z’. I am incredibly excited for this long-term strategic investment, designed to preserve our operational independence while also collectively enhancing our capabilities – backed by world-class animation and VFX and AI, technology-powered workflows, sharp execution and global craftsmanship.”
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The companies stated that the collaboration will create synergies in content creation and distribution, unlock new opportunities and support long-term growth.
Zee Entertainment Enterprises Ltd ended the session at ₹81.04 on the NSE, up 1.05% or ₹0.84
