BBC Worldwide Holdings has invested Rs 31.8 crore in Radio Mid Day West (India) Pvt Ltd, a subsidiary of Mid Day Multimedia Ltd, the Bombay Stock Exchange was informed on Tuesday.
“This is as per the Regulatory Guidelines issued by the Ministry of Information and Broadcasting and the FIPB permission received from the Ministry of Finance,” Mid Day Multimedia said.
The company also informed that Rare Enterprises, a partnership firm having its office at Nariman Point, Mumbai, and Rakesh Jhunjhunwala, who is a partner at Rare Enterprises, had entered into an agreement with Mid Day Multimedia to invest a total of Rs 10 crore in the equity shares of Radio Mid Day.
The company further said that these funds would be utilised by Radio Mid Day for bidding for licenses under Phase II of the Private FM Radio Broadcasting Policy announced by the Ministry of Information and Broadcasting.
The government had recently announced two lists comprising 70 and 14 companies who had qualified for bidding for FM radio Phase II.
With the government allowing FDI up to 20 per cent in the radio sector, more and more foreign players are coming up with plans for a share of the booming FM radio space. Germany’s Deutsche Welle, STAR and Virgin are some other players to have evinced interest in this sector.