Anil Ambani may sell 92.7 Big FM for Rs 1200 crores
New Delhi : Businessman Anil Ambani is considering plans to sell his FM radio broadcasting business to a media conglomerate for Rs 1,200 crore.
The buying company owns Radio City. According to a news report, Reliance Broadcast Network Ltd will first sell off its 24 per cent stake before complete disposal in staggered transactions.
Radio City will soon take over 40 stations of Reliance 92.7 Big FM and the remaining 18 stations will be sold in the second leg of the transaction, as per the stages under Indian rules governing a radio broadcaster.
Music Broadcast Ltd, in a statement on Monday, said claimed that no official documents on the deal have been signed yet. However, an announcement can be made within a week.
The company, once combined, will own 79 stations across India, making it the country’s biggest FM radio broadcasting business. The deal is expected to close in the first quarter of the financial year starting in April 2020.