India: Govt makes $453m from first batch of Phase 3 FM radio auctions

India: Govt makes $453m from first batch of Phase 3 FM radio auctions

The electronic auctions that ran 125 rounds and lasted 32 days had on offer 135 channels in 69 cities. Photo: Indranil Bhowmick/Mint

HT Media Ltd, the owner of the Fever FM radio station, outspent rivals to win 10 licences, including one for the sole available frequency in Delhi, in the electronic auctions for private FM radio. The company spent Rs.340 crore in the auctions that concluded on 8 September.

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