New Delhi, May 17 – Sapphire Media Limited has successfully acquired Reliance Broadcast Network Ltd (RBNL), the parent company of popular radio network Big FM 92.7, following the completion of a Corporate Insolvency Resolution Process (CIRP) that began in February 2023.
Promoted by Kaithal-based entrepreneur Sahil Mangla and media professional-turned-entrepreneur Aditya Vashistha, Sapphire Media has now assumed full board and management control of Big FM after receiving all necessary statutory approvals from the Ministry of Information & Broadcasting.
NCLT and NCLAT Approvals Cement Deal
The insolvency process reached a pivotal moment on May 6, 2024, when the Mumbai bench of the National Company Law Tribunal (NCLT) approved Sapphire Media’s resolution plan, dismissing objections raised by rival bidders such as Radio Orange. This was reaffirmed on December 23, 2024, when the National Company Law Appellate Tribunal (NCLAT) upheld the NCLT’s decision and dismissed all competing appeals.Sapphire Media's ₹261 crore bid was selected by the Committee of Creditors (CoC) with a commanding 88.97 percent vote share. The company has reportedly completed all due payments to the lenders within the required timeline, in line with the approved resolution plan.
Big FM Set to Power Sapphire’s Media Expansion
Big FM, with its network of 58 stations reaching over 1,200 towns and more than 50,000 villages, marks a significant addition to Sapphire Media’s growing portfolio. With an estimated listener base of 340 million across India, Big FM is known for its rich content, deep cultural connection, and widespread reach.In a statement, Sapphire Media emphasized that the acquisition will bolster its aggressive expansion in the digital content and broadcasting space. The company plans to inject new energy and innovation into Big FM, positioning it as a key pillar in its strategy to emerge as a leading player in India’s media landscape.
Sapphire’s Rising Media Footprint
The acquisition of Big FM comes on the heels of Sapphire Media’s launch of India Daily 24X7, its Hindi news channel, and complements its existing operations in outdoor advertising, where it manages one of the country’s largest networks.The CIRP for RBNL began on February 24, 2023, following an application by financial creditor IDBI Trusteeship Services. Out of six resolution plans submitted, Sapphire’s was ultimately chosen, setting the stage for a transformative move in India's broadcasting industry.
With Big FM now under its wing, Sapphire Media is set to reshape its media narrative with a powerful blend of legacy radio and forward-thinking digital innovation.