Anil Ambani's company Big FM 92.7 will now be owned by Sapphire Media, NCLT approves the deal

The NCLT Mumbai bench has approved Sapphire Media's resolution plan to purchase Big FM 92.7, which is owned by Anil Ambani. An order in this regard has also been issued by the NCLT bench. Sapphire Media has taken over ownership of Big FM 92.7, which was previously owned by Anil Ambani's Reliance Broadcast Network. The National Company Law Tribunal has given its approval to this purchase.

The resolution plan for Sapphire Media's acquisition of Big FM 92.7 has been approved by the NCLT Mumbai bench. An order in this regard has also been issued by the NCLT bench. Madhu Sinha, a technical member, and Rita Kohli, a judge, were on the NCLT bench that approved this acquisition.

Along with approving the resolution plan of Sapphire Media, the NCLT bench has also ordered the formation of a monitoring committee. The monitoring committee will submit the report related to the process related to the resolution plan to NCLT. Sapphire Media will pay Rs 261 crore to acquire the ownership rights of Big FM. Big FM is the largest radio network in the country, which extends to approximately 1200 cities and 50 thousand villages. It has 58 radio stations in the country. Sapphire Media had proposed to buy Big FM, which was going through a bankruptcy process, in February 2022. After that Rohit Mehra was appointed as its solution professional.