MUMBAI: Anil Ambani-promoted Adlabs Films has received government approval to transfer its radio business to Reliance Unicom.
The Ministry of Information and Broadcasting has given its no-objection to the transfer of operation of the FM radio license to Reliance Unicom pursuant to the scheme of arrangement for the demerger of radio business of Adlabs Films.
Last year, the board had approved the scheme of demerger under which shareholders of Reliance Unicom would be issued one share for each share held in Adlabs Films. The demerger was in effect from 1 April, 2008. In April, 2009 the Bombay High Court had also approved the scheme of arrangement between the companies.