Sapphire Media Limited has successfully acquired Reliance Broadcast Network Ltd. (RBNL), the parent company of Big FM 92.7, through a structured insolvency resolution process. Backed by entrepreneurs Sahil Mangla and Aditya Vashistha, the acquisition marks a strategic milestone in India’s media landscape. The deal, valued at Rs 261 crore, was approved by the National Company Law Tribunal and upheld by the appellate authority despite multiple challenges.