In an interview with CNBC-TV18, Prashant Panday, executive director and chief executive of Radio Mirchi, Entertainment Network India (ENIL), was skeptical about the third phase of auctions for FM radio.
Though Panday was nervous about demand being too strong, he was hopeful that common sense and the lessons of the second phase of auctions would prevail. Pandey was pessimistic about overseas interest in Indian radio as it did not offer adequate profits. He highlighted that Radio Mirchi had plans to expand with Rs 200 crore in the books, but would bid taking profitability into consideration. Here's an edited transcript of his interview with CNBC-TV18. Also watch the accompanying video. Q: We heard from the President on Monday that over 850 licences are going to be e-auctioned in the third phase for FM radio. When exactly is it expected to kick off? A: What we are hearing on the ground is not very encouraging. There have been many delays in the auction. Even the in-between steps that are supposed to take place before the auction, such as the issuance of the RFP for choosing the auctioneer and the actual choosing of the auctioneer, has not even happened. Nor has any process been initiated. So according to informal information, the bidding could be as delayed as far as October or November. Q: But according to what weDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
