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FM Saga: Indigo Radio, Neff India seek more time

07-November-2000
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FM Saga: Indigo Radio, Neff India seek more time

BPL group-backed Indigo Radio has asked for additional time of two weeks to furnish bank guarantee for FM radio licenses for Bangalore and Kochi. Another player, Neff India, which had bagged Guhawati, has also sought some more time to come up with bank guarantee. The information & broadcasting ministry may consider giving some additional time to "some serious players" to furnish bank guarantee, senior government officials indicated. The Indigo group has to furnish a bank gaurantee of Rs 905 lakh for Bangalore and Kochi while Neff India has to pay Rs 126 crore as bank gaurantee. With Zee pulling out, Neff India is the sole private FM player in Guwahati. October 30 was the cut-off date for submiting the bank guarantees. A total of ten companies came forward for 37 radio stations in 19 cities. Government collected bank gaurantee worth Rs 158.72 crore as against estimated collection of Rs 425 crore. Out of the 40 cities, the FM radio facility will get activated in 19 centres.

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