Representative image of a radio station.
Credit: iStock Photo
New Delhi: The government on Tuesday said it has invited applications from prospective bidders for e-auction of 730 private FM Radio channels in 234 uncovered cities.
The last date for submission of applications is November 18, the Ministry of Information and Broadcasting said in a statement.
"Annual License Fee of FM channels in these cities shall be charged as 4 per cent of Gross Revenue excluding GST. The reserve price for auction of channels in these cities is as per the TRAI recommended prices of 2022," the ministry said.
In August, the Union Cabinet had approved the proposal to conduct an "ascending e-auction for 730 channels in 234 new cities with an estimated reserve price of Rs 784.87 crore under Private FM Radio Phase-Ill Policy".
The government said this will fulfil the unmet demand for FM radio in cities and towns that are not currently covered by private FM radio broadcasting, and will promote local content.
The ministry has now invited applications for the same from eligible bidders.
The auction will be held 4-5 days after the mock auction and the successful bidders will need to pay 25 per cent of the amount within five calendar days, the ministry said.