The Anil Ambani-controlled Reliance Capital and Reliance Land has agreed to divest its entire equity stake in Reliance Broadcast Network Ltd, which operates the BIG FM radio network, to Music Broadcast Ltd for ₹1,050 crore, the firm said in a stock exchange filing on Monday.
The entire transaction is expected to close in the first quarter of FY2021.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.
Source: Mint