Sapphire Media Limited has officially completed the acquisition of debt-ridden Reliance Broadcast Network Ltd (RBNL), the owner of Big FM 92.7, one of India’s largest radio networks.

The acquisition, concluded through the insolvency resolution process, marks a significant milestone for Sapphire Media as it expands into mainstream broadcasting and content creation.

According to a PTI report, the acquisition process began after RBNL entered Corporate Insolvency Resolution Proceedings (CIRP) in February 2023 following a petition filed by financial creditor IDBI Trusteeship Services. Sapphire Media, promoted by Kaithal-based entrepreneur Sahil Mangla and media entrepreneur Aditya Vashistha, was chosen as the successful resolution applicant.

The company has secured all necessary statutory approvals from the Ministry of Information & Broadcasting to take full board and management control of Big FM 92.7. It has also completed the payment of dues to the Committee of Creditors (CoC) as per the approved resolution plan. The final nod came after the Mumbai bench of the National Company Law Tribunal (NCLT) approved the resolution plan on May 6, 2024, overruling objections from competitors such as Radio Orange. An appeal by rival bidders was also dismissed by the National Company Law Appellate Tribunal (NCLAT) on December 23, 2024.

Big FM 92.7 boasts a legacy of powerful programming and a vast footprint, with 58 stations across the country, reaching over 1,200 towns and more than 50,000 villages. The network currently connects with an audience of over 340 million listeners across India.

In a statement, Sapphire Media described the acquisition as a transformative move that aligns with its aggressive expansion strategy in the dynamic, tech-driven world of digital content and broadcasting.