James Murdoch, the younger son of media mogul Rupert Murdoch, has set up the first office outside the US for his new investment firm, Lupa Systems, in Mumbai. It will be led by his former associate Nitin Kukreja, who said, “James has always been bullish on India. It's a reaffirmation of this fact that the first office outside New York will be here.”

Kukreja said, “It (investment fund) will be a bit diversified for sure. It's more about the themes that are playing up today.

“It is early days to say what the size of the team would be. It will be a function of the opportunities that we come across. It will be in themes, where there is an interesting interplay of content and technology going on.”

James Murdoch and his siblings, reports suggest, are expected to receive close to $2 billion each from the proceeds of the sale of Fox stock, which the former is expected to invest in his family office. The younger Murdoch and his siblings are beneficiaries of a Trust that owns the 21st Century Fox stock, which the Murdochs divested in favour of Walt Disney & Co in a transaction valued close to $72 billion.