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Tag: MBPL

  • Radio City COO Ashit Kukian resigns

    Radio City COO Ashit Kukian resigns

    MUMBAI: After a decade long stint, MBPL COO Ashit Kukian has decided to move on.

     

    He will, however, continue till mid-November and help in navigating the transition.

     

    Kukian has been part of the founding team, which grew Radio City from a four city brand to a national presence and been integral in building Radio City to its current stature.

     

    MBPL CEO Apurva Purohit said, “Ashit has played a key role in the exciting journey of Radio City over the last decade. We will miss him, and I take this opportunity on behalf of the entire team at Radio City to wish him all the very best in his future endeavors.”

     

    Kukian added, “The last decade has been a fantastic run, and I’ve enjoyed every bit of this journey. We’ve got a terrific team at Radio City, and I know the brand will only grow from strength to strength.”

     

    Prior to venturing into the radio industry, Kukian had a 13 year stint with Bennett Coleman & Company.

  • Star Group pays Rs 72 million for 20 % stake in Radio City

    Star Group pays Rs 72 million for 20 % stake in Radio City

    NEW DELHI: Star Group has received FIPB (foreign investment promotion board) approval for investing Rs 72.02 million to pick up a 20 per cent stake in Music Broadcast Pvt. Ltd. (MBPL), the company that operates FM radio business under the Radio City brand.

    The acquisition is being made through Mauritius-based Acetic Investments. Star had earlier exited from Radio City, having sold its stake for Rs 300 million. India Value Fund had acquired a controlling stake in MBPL.
    Indiantelevision.com was the first to report that Star was making a re-entry into the FM radio business by buying 20 per cent equity from India Value Fund (earlier GW Capital). With this, India Value Fund’s holding would drop from 75 per cent to 55 per cent.

    “It may be a buy back arrangement Star had with India Value Fund. Being the second largest player, the valuation of Radio City will be pretty high,” says a source who is tracking the industry.

    The government regulations permit only 20 per cent foreign direct investment (FDI) in the FM radio business.

  • Star plans radio re-entry, to pick up 20 per cent in Radio City

    Star plans radio re-entry, to pick up 20 per cent in Radio City

    MUMBAI: Star Group plans to pick up 20 per cent in Music Broadcast Pvt. Ltd. (MBPL), marking a re-entry into the private FM radio business.

    Star is buying the stake from India Value Fund, (earlier GW Capital) a venture capital fund. With this, India Value Fund’s holding will drop from 75 per cent to 55 per cent.

    In early 2005, Star had sold its stake in MBPL, the company which operates its FM radio stations under the Radio City brand, for Rs 300 million. India Value Fund had acquired a controlling stake in MBPL.

    “Star is buying back the 20 per cent it had sold earlier in MBPL. The radio business is set to explode with the government changing its policy and opening up the second phase of private FM expansion,” says a source close to the company. He, however, could not confirm the price Star is paying to acquire the stake.

    MBPL chief executive officer Apurva Purohit was not available for comment. Star officials also could not be reached. The government regulations permit only 20 per cent foreign direct investment (FDI) in the FM radio business.

    In May 2005, Star had discontinued its arrangement of supplying content to MBPL. Later in the year the country’s biggest television network in terms of revenue also ceased doing air time sales for Radio City.

    Since the inception of Radio City, MBPL had contracted Star to provide its expertise in the areas of programming, ad sales and marketing. The operations were handled through DigiWave, a 50:50 joint venture between Star and the PK Mittal-promoted Ispat group.

    Radio City is already operational in seven cities comprising Mumbai, Delhi, Bangalore, Lucknow, Hyderabad, Chennai and Jaipur. The plan is to launch in 13 more cities including Ahmedabad, Surat, Baroda, Sangli, Akola and Nagpur.