M&A
NCLT approves Sapphire Media's acquisition of Big FM for Rs.261-Cr
The National Company Law Tribunal (NCLT) has approved the resolution plan of Noida-based Sapphire Media for Mumbai-headquartered Reliance Broadcast Network's FM radio business, Big FM . Sapphire will pay INR 261 crore to secured and operational creditors against the total claims of INR 947.5 crore.Big FM has a radio network with 58 stations and a reach of over 1,200 towns and 50,000+ villages. It has been going through insolvency process since February 2023.
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