Reliance Capital and Reliance Land (a part of Reliance capital group) have sold their entire equity stake in Reliance Broadcast Network to Music Broadcast Limited (MBL) for Rs 10.5 billion (USD 150 million). The equity stake sale combined with the sale of Reliance Broadcast’s other assets will allow Reliance Capital to reduce its outstanding debt by Rs 12 billion.
Reliance Broadcast operated under the brand name BIG FM Radio network with 58 stations across the country. MBL is part of the Jagran Group and operates radio stations under the Radio City brand name. The acquisition will expand its network to 79 radio stations, making it the largest radio network in India.