Rupert Murdoch is sitting on a potential gold mine in terms of 21st Century Fox’s investments in India, says a report from Morgan Stanley. The bank’s “Fair Market Value” report for 2016 says that Star India is worth a spectacular $11.2 billion in “fair value” and leaving its competitors trailing in its wake.

The next operator in Morgan Stanley’s list is Essel Group’s Zee Entertainment was valued at $5.6 billion.

The profits at Star, estimates the bank, translated into an 11.3 percent contribution to Fox’s overall fair market value, with 21st Century Fox acknowledging the role played by India in its overall performance, and helped by record coverage of Star Sport and its all-important cricket exclusivity.

Indeed, Star India’s focus on sport, and the acquisition of the ICC Cricket World Cup and the “hundreds of millions of viewers” it attracted, said Murdoch in an earlier Fox report.

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