The cabinet gave the go ahead signal to conduct e-auctions of FM radio licences. The auction will mirror the 3G auction process. Accordingly, the government will appoint an independent agency to handle the radio channel e-auction.
In what will be phase 3 of the country's FM expansion plan, the government expects an income of Rs 1,733 crore from the auction of the new channels. It has also approved raising the foreign direct investment (FDI) in radio to 26% from 20%. Read more on the FM radio auction by clicking here...
Asheesh Chatterjee, the CFO of Reliance Broadcast welcomes this move.
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