In a landmark development in India’s media and broadcasting landscape, Sapphire Media Limited has officially acquired Reliance Broadcast Network Limited (RBNL), the parent company of one of India’s most iconic radio networks—Big FM 92.7. The acquisition, completed under the Corporate Insolvency Resolution Process (CIRP), marks a significant turning point for both Sapphire Media and the future of Indian radio broadcasting.
RBNL had been under insolvency since February 2023 following an application by IDBI Trusteeship Services, a financial creditor, which was admitted by the National Company Law Tribunal (NCLT). Over the course of the process, six resolution plans were submitted by competing bidders. Ultimately, Sapphire Media’s bid of ₹261 crore was selected with an overwhelming 88.97 percent vote share from the Committee of Creditors (CoC). The deal also withstood intense legal scrutiny, with competing bidders like Radio Orange filing objections, which were subsequently dismissed by both the Mumbai bench of NCLT on May 6, 2024, and later by the National Company Law Appellate Tribunal (NCLAT) on December 23, 2024.
Promoted by Sahil Mangla, a Kaithal-based entrepreneur, and Aditya Vashistha, a media professional-turned-entrepreneur, Sapphire Media has received all necessary regulatory approvals from the Ministry of Information & Broadcasting to assume board and management control of Big FM. With dues cleared in accordance with the resolution plan timeline, Sapphire has now fully transitioned into the driver’s seat of a brand that reaches an astounding 340 million listeners across India.
Big FM 92.7, one of the country’s largest radio networks with 58 stations covering more than 1,200 towns and over 50,000 villages, holds a prominent place in India’s broadcast history. Known for its expansive programming, cultural relevance, and deep-rooted listenership, the network is now poised for a rejuvenation under Sapphire Media’s dynamic leadership. The company promises a fresh wave of innovation in both content and delivery, aiming to blend Big FM’s trusted legacy with the cutting-edge demands of today’s tech-driven digital content ecosystem.
This strategic acquisition comes on the heels of Sapphire Media’s recent foray into television broadcasting with the launch of India Daily 24×7, a 24-hour Hindi news channel that aims to capture real-time narratives and offer credible journalism. The media group also boasts one of the largest outdoor advertising footprints in the country, signalling its broader ambitions of becoming a comprehensive media and communications powerhouse.
Industry observers are watching this deal closely as it reflects a growing trend of consolidation and renewal in Indian media, especially as legacy networks find new lifelines through strategic acquisitions. For Sapphire Media, this acquisition is more than just a financial transaction—it represents a vision to redefine radio broadcasting and digital content engagement for a diverse and evolving Indian audience.
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