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Radio City earmarks Rs 400 crore for FM Phase III
MUMBAI: With the process of FM radio Phase III expansion already in motion, private radio broadcasters are busy finalising their strategy for the auctions and analysing the available markets. Radio City is one such player which is set to invest heavily and has earmarked Rs 400 crore (Rs 4 billion) for this purpose.
Operating 20 stations in metros as well as mini-metros, Radio City plans to expand to 40 stations in Phase III.
“There will be aggressive bidding from our side as we want to increase our footprint in relevant markets. We plan to double our radio stations to 40 and are looking to invest Rs 300–400 crore in the FM Phase III auctions,” Radio City COO and president Ashit Kukian told TelevisionPost.com.
The strategy will be to launch in important advertiser-friendly markets and towns.
“Going by our understanding of the markets, we will look at cities and towns which are advertiser-friendly. The industry is progressing at a good pace and we expect to grow further with our new launches,” Kukian said.
The company is expected to raise money through debt. It has been seeing a 26–27 per cent growth year-on-year in revenue and is cash positive, Kukian added.
Radio City is promoted by Music Broadcast Pvt Ltd (MBPL), which is owned by private equity group IVF Holdings. It is present in Mumbai, Delhi, Bangalore, Chennai, Ahmedabad, Pune, Hyderabad, Lucknow, Jaipur, Vadodara, Surat, Solapur, Nagpur, Sangli, Coimbatore, Vizag, Ahmednagar, Akola, Nanded and Jalgaon.