New Delhi: Media and entertainment major Star on Tuesday said it was looking to pick up stake in an Indian company for entry into the private FM radio sector.
"We are interested in the private FM radio sector and will be entering it by picking up equity in one of the successful bidders of the second phase of licencing", Star India Chief Peter Mukherjea said at the Indian Economic Summit.
Bidding for the second phase of FM radio ended on November 11. Many foreign players including BBC and Germany's international broadcaster DW have said they are looking to make a foray in the segment.
Currently 20 per cent Foreign Direct Investment is allowed in the private FM radio sector.
Talking about the company with whom Star India was to tie-up, Mukherjea said the entertainment giant would take a decision only after scrutinising various aspects of prospective partners.
"We have to see for how many cities they have got licences, what are their plans for content among other factors," he said.
Star Group Chief Executive Officer Michelle Guthrie also confirmed on the sidelines of the Summit that the group was looking at entering the private FM radio sector in India.
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