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Sapphire Media completes acquisition of Big FM 92.7 after NCLT approval
Reliance Broadcast Network Ltd (RBNL) was going through the Corporate Insolvency Resolution Process since February 2023.
Sapphire Media is promoted by Kaithal-based entrepreneur Sahil Mangla and media professional-turned-entrepreneur Aditya Vashistha.
It has received all the statutory approvals to take over the board and management control of Big FM 92.7 from Ministry of Information & Broadcasting, according to a statement.
Besides, it is said to have made the payment of dues to the lenders' body, the Committee of Creditors (CoC) of RBNL, within the stipulated timelines as per the approved resolution plan.
On December 23, 2024, appellate insolvency tribunal NCLAT rejected the petitions filed by other competitors and upheld the order passed by the National Company Law Tribunal approving Sapphire's resolution plan.
On May 6, 2024, the Mumbai bench of NCLT had granted its nod to Sapphire's resolution plan, rejecting various objections from competitors like Radio Orange and others.
The acquisition of Big FM 92.7, one of the largest radio networks of the country with 58 stations with reach of over 1,200 towns and 50,000+ villages, will help Sapphire Media's expansion as it strives to become a content and media leader.
"The brand will reinforce Sapphire Media's aggressive expansions plans in ever evolving tech driven digital content creation and broadcasting space. Radio Big 92.7 FM, known for its rich legacy, diverse programming, and deep connection with 340 million listeners across India, will now be infused with fresh energy and innovation under Sapphire Media's dynamic leadership," it said.
This acquisition follows the launch of India Daily 24X7, Sapphire Media's 24x7 Hindi news channel.
Besides, the group runs one of India's largest outdoor advertising networks.
CIRP against RBNL was initiated on February 24, 2023, after an application by IDBI Trusteeship Services, a financial creditor was admitted.
Six resolution plans were submitted, in which Sapphire Media's bid of Rs 261 crore was selected by the CoC with 88.97 per cent vote share.
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