MAM
Sapphire Media tunes into Big FM 92.7 with a Rs 261 crore takeover
MUMBAI: Sapphire Media Ltd has officially acquired the debt-ridden Reliance Broadcast Network Ltd (RBNL), which owns Big FM 92.7, following a successful bid of Rs 261 crore during the Corporate Insolvency Resolution Process (CIRP). With 58 stations and a reach across 1,200 towns and 50,000+ villages, Big FM is one of India’s largest radio networks.
The acquisition comes after Sapphire Media, promoted by Kaithal-based entrepreneur Sahil Mangla and media professional-turned-entrepreneur Aditya Vashistha, received all necessary regulatory approvals, including a green light from the ministry of information & broadcasting. The company promptly cleared dues to the committee of creditors (CoC) as per the approved resolution plan.
The saga reached its crescendo on 23 December 2024, when the National Company Law Appellate Tribunal (NCLAT) dismissed petitions from rival bidders and upheld the National Company Law Tribunal’s (NCLT’s) 6 May 2024, decision in favour of Sapphire Media. Rivals like Radio Orange and others had contested the resolution, but Sapphire’s bid, which secured 88.97 per cent of CoC votes, emerged victorious.
Big FM, known for its rich legacy and a massive listener base of 340 million, will now undergo a wave of innovation under Sapphire Media’s stewardship. The group, which already boasts a vast outdoor advertising network and recently launched the Hindi news channel India Daily 24×7, plans to inject fresh energy into the radio brand, blending its heritage with cutting-edge content creation.
“We are thrilled to welcome Big FM into the Sapphire Media family. This acquisition aligns with our vision of becoming a leader in digital content creation and broadcasting,” the company stated.
The CIRP against RBNL was flagged off on 24 February 2023, following a petition by IDBI Trusteeship Services, the financial creditor. Six resolution plans were submitted, but Sapphire’s bid struck the winning note.
Brands
Primus Partners appoints Akasa Air co-founder Neelu Khatri as independent director
Veteran aviation and defence professional joins as independent director
NEW DELHI: Primus Partners has appointed Neelu Khatri, a founding member of Akasa Air, as an independent director, strengthening the consulting firm’s board as it prepares for its next phase of growth.
Khatri brings more than three decades of experience across defence, aviation, aerospace technology and consulting. She was part of the core team that helped build Akasa Air from concept to launch, contributing to what has been widely described as one of the fastest airline scale ups in recent aviation history.
At Primus Partners, she will provide strategic guidance on corporate governance and help steer the firm’s long term growth plans. Her experience of building a start up into a full scale organisation is expected to support the consulting firm as it expands its footprint.
Primus Partners co-founder and chairperson Davinder Sandhu, said the appointment brings valuable expertise to the board. “Neelu’s journey across defence, aviation and consulting brings a rare blend of operational insight and strategic thinking. Her experience in rapidly scaling Akasa Air will be invaluable as we continue to grow while maintaining a strong focus on corporate governance,” he said.
Primus Partners, an India headquartered management consulting and solutions firm, has emphasised governance and board oversight since its early days. The company has also taken an unconventional approach by inviting its Gen Z employees to attend board meetings so that younger perspectives can contribute to discussions.
Speaking on her appointment, Khatri said the consulting sector is entering a transformative period shaped by emerging technologies. “The industry is evolving rapidly with the rise of AI. This is an exciting moment for an Indian origin consulting firm like Primus Partners to expand its product offerings and strengthen its presence globally,” she said.
She added that as the firm pursues ambitious expansion plans, her focus will be on ensuring strong governance frameworks and effective risk management as the organisation scales.
