Radio Today is looking for an equity investor to part fund its FM radio ventures in Delhi, Mumbai and Kolkata. The company has appointed ANZ Investment Bank as advisor to look after the deal.
According to industry sources, the company has drawn up plans for raising around Rs 30 crore from outside investors. The equity investment is expected to generate Rs 20 crore, around Rs 10 crore is expected to come through a term loan.
The company is expected to sign an agreement with All India Radio to start transmission from its towers in Kolkata and Delhi on Monday. Radio Today plans to start services in these cities by April 2002. Mumbai’s service is expected to start by February 2002.
The metro FM radio licenses had run into snags due to the inability of all the licensees to form a consortium tower. AIR is offering its towers for transmission in the interim period.