Reliance to sell BIG FM to Radio City

Mumbai: After signing a pact to exit the mutual fund business last week, Anil Ambani’s Reliance Group is now exiting FM radio business as well. The group will divest its entire stake in BIG FM Radio to -owned Music Broadcast Ltd (MBL) for Rs 1,200 crore in a two-phase deal, a statement from the group said on Monday.

Reliance Capital and Reliance Land–a part of Reliance Capital Group–will divest its entire equity stake in Reliance Broadcast Network Ltd (RBNL) to Music Broadcast Ltd.