MUMBAI: Synergy Media Entertainment, the FM radio broadcasting company of Dainik Bhaskar group, has got the FIPB (Foreign Investment Promotion Board) nod to get Warburg Pincus (through investment arm Cliffrose) as an investment partner.

Synergy Media is diluting 3.2 per cent stake to Warburg Pincus for Rs 15.2 million, valuing the radio business at Rs 475 million.

Synergy Media operates under the brand My FM and has 17 operational stations including Ahmedabad, Ajmer, Amritsar, Bilaspur, Bhopal, Chandigarh, Gwalior, Indore, Jabalpur, Jaipur, Jalandhar, Jodhpur, Kota, Nagpur, Raipur, Surat and Udaipur.

DB Corp, the holding company of the media group,Click here to read more