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MUMBAI: Radio Mirchi will be investing Rs 300 million this fiscal and plans to roll out 10 stations over the next two months, a source in the company says.
“We have earmarked Rs 1.05 billion for the entire roll out of FM stations in the second phase of expansion. We have already invested Rs 750 million till 31 March 2007,” adds the source.
Radio Mirchi is already operational in 22 stations across the country. The company`s payout towards the licence fee including migration to the new regime is Rs 2.12 billion.
The employee cost of Entertainment Network (India) Ltd, the company that operates the FM radio business under the Radio Mirchi brand, has gone up for the fiscal ended 31 March 2007 and comprises 21 per cent of revenue.ENIL recorded a total income of Rs 2.38 billion as against Rs 1.39 billion in the year-ago period. It has taken a debt of Rs 750 million from parent group company Bennett Coleman & Company Ltd (BCCL).
Times Innovative Media Ltd (TIML), ENIL`s subsidiary company which is involved in out-of-home media, plans to pump in Rs 1.5 billion over a period of 12-18 months, the source says. It has already invested Rs 1 billion.
TIML is exploring all options of fund raising including a private placement, says the source.
