Reliance Broadcast Network Ltd Management Discussions

Forward looking statements

Statements in this Management Discussion and Analysis of Financial Condition and Results of Operations of the Company describing the Company’s objectives, expectations or predictions may be forward looking within the meaning of applicable securities laws and regulations. Forward looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised. The Company assumes no responsibility to publicly amend, modify or revise forward looking statements, on the basis of any subsequent developments, information or events. Actual results may differ materially from those expressed in the statement. Important factors that could influence the Company’s operations include changes in government regulations, tax laws, economic developments within the country and such other factors globally. The financial statements are prepared under historical cost convention, on accrual basis of accounting, and in accordance with the provisions of the Companies Act, 1956 (the Act) and comply with the Accounting Standards notified under Section 211(3C) of the Act read with the Companies (Accounting Standards) Rules, 2006. The management of Reliance Broadcast Network Limited has used estimates and judgments relating to the financial statements on a prudent and reasonable basis, in order that the financial statements reflect in a true and fair manner, the state of affairs and loss for the year.

The following discussions on our financial condition and result of operations should be read together with our audited consolidated financial statements and the notes to these statements included in the annual report.

Unless otherwise specified or the context otherwise requires, all references herein to "we", "us", "our", "the Company", "Reliance", "RBNL" or "Reliance Broadcast" are to Reliance Broadcast Network Limited and its subsidiaries.

Industry Structure and Developments Economic Overview:

The slowdown in the Indian economy persisted, with growth hobbled by structural bottlenecks and adverse global conditions. The overall Indian economy slowed down in 2012 due to both domestic and external factors. Domestically, the monetary and fiscal stimulus provided by the Government of India post financial-crisis led to strong growth in demand and consumption in 2009-10 and 2010-11. However, this resulted in higher inflation and a powerful monetary response that slowed consumption demand. Moreover, corporate and infrastructure investment were also pulled down by the tightened monetary policy as well as the policy bottlenecks. Externally, a slowing global economy weighed down by the continued crisis in the Euro area and uncertainty in the US fiscal policy also increased risks to growth. The Central Statistical Organization’s (CSO’s) estimates indicate a 5 percent growth in real GDP in 2012-13, as compared to a growth of 6.2 percent posted in 2011-12. These factors resulted in a challenging year for the M&E industry, with reductions in advertising budgets across sectors.

Indian Media and Entertainment Industry overview:

The Indian M&E industry grew from INR 728 billion in 2011 to INR 821 billion in 2012, registering an overall growth of 12.6 percent. Recent policy measures taken by the government can pave the way for gradual recovery for the Indian economy. With some improvement also likely in the global economy in 2013, the prognosis for the Indian economy looks somewhat better and real GDP growth is expected to be in the range of 6.1 to 6.7 percent in 2013-14. Given the impetus introduced by digitization, continued growth of regional media, upcoming elections, strength in the film sector and fast increasing new media businesses, the industry is estimated to achieve a growth rate of 11.8 percent in 2013 to touch INR 917 billion. The sector is projected to grow at a healthy CAGR of 15.2 percent to reach INR 1661 billion by 2017.

Television clearly continues to be the dominant segment, however we have seen strong growth posted by new media sectors, animation/ VFX and a comeback in the Films (21 percent growth in 2012 over 2011 vis a vis 11 percent per growth in 2011 over 2010) and Music sectors (18 percent growth in 2012 over 2011 vs. 4.7 percent growth in 2011 over 2010) on the back of strong content and the benefits of digitization.

Radio is anticipated to see a spurt in growth post rollout of Phase 3 FM Radio licensing. The benefits of Phase 1 cable digital access system (DAS) rollout, and continued Phase 2 rollout are expected to contribute significantly to strong continued growth in the TV sector revenues and its ability to invest in and monetize content. The sector is expected to grow at a CAGR of 18 percent over the period 2012-2017.

Overall industry size and protection

Overall industry size (INR Billion)	2008	2009	2010	2011	2012	Growth in 2012 over 2011	2013p	2014p	2015p	2016p	2017p	CAGR (2012-17)
(For Calendar Years)
TV	241.0	257.0	297.0	329.0	370.1	12.5%	419.9	501.4	607.4	725.0	847.6	18.0%
Print	172.0	175.2	192.9	208.8	224.1	7.3%	241.1	261.4	285.6	311.2	340.2	8.7%
Films	104.4	89.3	83.3	92.9	112.4	21.0%	122.4	138.3	153.6	171.7	193.3	11.5%
Radio	8.4	8.3	10.0	11.5	12.7	10.4%	14.0	15.4	18.7	22.7	27.4	16.6%
Music	7.4	7.8	8.6	9.0	10.6	18.1%	11.6	13.1	15.3	18.3	22.5	16.2%
OOH	16.1	13.7	16.5	17.8	18.2	2.4%	19.3	21.1	23.0	25.0	27.3	8.4%
Animation and VFX	17.5	20.1	23.7	31.0	35.3	13.9%	40.5	46.8	54.3	63.1	73.4	15.8%
Gaming	7.0	8.0	10.0	13.0	15.3	17.7%	20.1	23.8	30.9	36.2	42.1	22.4%
Digital Advertising	6.0	8.0	10.0	15.4	21.7	40.9%	28.3	37.1	48.9	65.1	87.2	32.1%
Total	580	587	652	728	821	12.6%	917	1059	1238	1438	1661	15.2%

Source: KPMG in India analysis and industry discussions

Media and Entertainment Industry past revenues and projected growth as per FICCI KPMG 2013 Report

(Source: Indian Media and Entertainment Industry to touch FICCI-KPMG report)

Media and Entertainment Industry past revenues and projected growth as per FICCI KPMG 2013 Report

(Source: Indian Media and Entertainment Industry to touch FICCI-KPMG report)

Key trends and industry drivers:

Regional markets remain key centres of growth

Advertisers continue to see higher growth in consumption from key regional markets. Hence regional media continues on a strong growth trajectory especially in the print and television sectors. Key media players are focusing on selectively expanding their presence in regional markets that are seeing higher rates of advertising revenue growth, and better insulation from slowdown than metros, which may be close to saturation in many cases.

Revenue models still advertising dependent

M&E is still an advertising dependent industry in India. Hence it remains sensitive to the impact of business cycles. Established practices, competitive pressures from within the sector and from TV, and the threat of digital migration, are likely to keep prices under pressure. In the TV sector, digitization has the potential to increase ARPUs and improve the share of subscription revenues to the broadcasters. Early indicators suggest that carriage costs have already dropped in Metros after Phase 1 digitization & in 1 Mn+ towns post Phase II digitization.

Most companies are yet to see significant revenues from digital content. Dampeners include limitations in measurement systems; decline in on deck revenues, and under investments in distribution platforms. There is a need for innovative or hybrid pricing models to cause a shift overall, engaging consumers through more targeted offerings, innovative pricing and packaging models, and better quality of production, should enable players to get better realization for content.

Growth in new media

The rapid increase in mobile and wireless connections continued to drive the growth of internet penetration in India. With better access, through cheaper and smarter devices, audiences (especially youth) are consuming more content and are getting increasingly engaged. Key beneficiaries are the emerging new media segments, which include internet advertising, online classifieds, and gaming, all of which are on a rapid growth path. Going forward, better uptake of 3G connections and the beginnings of the 4G rollout are expected to spur growth further. 4G technology will enable greater uptake in services including Live TV, HD video/ audio streaming, real time online gaming, high speed data downloads and uploads and could enable introduction of new innovative offerings. The industry looks forward with great hope to an aggressive rollout of this technology by the telcos.

Regulatory and policy support

Regulatory interventions have been a key enabler of growth for the sector. Anticipated developments in 2013 such as continued cable DAS rollout, Phase 3 licensing for Radio, and 4G rollout, will spur growth from the medium term. However, continued and unflinching government support is needed. There is a need for measures to aid curtailment of piracy and encourage investments to support further growth.

About Reliance Broadcast Network Limited:

Reliance Broadcast Network Limited (RBNL) (BSE: 533143;

NSE: RBN), is a multi-media entertainment conglomerate with play across radio, television and television production. It is part of the Reliance Group and specializes in creating and executing integrated media solutions for brands. Its business verticals are as follows: 92.7 BIG FM – India’s largest FM Radio Network with 45 Radio stations, reaching 4.3 Crore Indians each week.

BIG CBS – A joint venture with CBS Studios International, USA’s No.1 TV broadcaster which has launched the Channels - BIG CBS Prime, BIG CBS Love and BIG CBS Spark Punjabi.

BIG MAGIC – A regional General Entertainment Television Channel for the Hindi heartland featuring regional family dramas, crime shows, sitcoms, reality shows and weekend blockbuster movies. The Company has also launched BIG MAGIC Bihar and Jharkhand, with specially created programming for the market. BIG MAGIC has also expanded into the United States and Canada under the brand name BIG MAGIC International.

BIG RTL THRILL – A television channel from the Company’s joint venture with Europe’s RTL Group, targeted at male audiences and positioned as the ultimate action destination.

BIG PRODUCTIONS - This division functions as a television content production house catering to the diverse creative needs of the Indian television landscape. Each of these business verticals come together to offer a truly integrated solution to clients, having built significant multi-media capabilities.

The reach and spread of the Reliance Group is known to all. With business interests that permeate almost every single aspect of consumer’s lives, the Group offers multiple business and consumer touch points across communications, infrastructure, power and entertainment. The presence of Reliance Group media assets across various sectors like Infrastructure, Telecommunication, Retail, Broadcasting, Television Production, is an enviable portfolio of media that touch the life of millions of Indians across the country, everyday.

Key Performance Indicators of financial performance for year ended 31st March, 2013:

• BIG FM is at No. 2 by listenership at all India level reaching out to 4.3 crore listeners per week. (Source: IRS and RAM)

• BIG FM is No. 1 station in 14 cities, No. 2 in 8 cities, and has established leadership position in 30 cities.

• BIG MAGIC emerged as the Numero Uno Channel in Central India with a growth of 22% as per the TAM results for the period – week 41-50. With a cumulative audience base of over 1.6 crore the Channel offers reach and depth like none other, continuing to stay ahead of long established channels.

• Big MAGIC Bihar & Jharkhand has stood out as number one channel leaving behind Mahuaa & Hummra M within 3 weeks of its launch and has maintained its position on a regular basis. (Source – TAM, market – Bihar & Jharkhand, TG – CS 4+, week 8 – 14. launched in week 5)

• BIG Star Entertainment Awards garnered 5.9 TVR, making it the most successful New Year’s Event in the last 6 years.

Discussion on financial performance with respect to operational performance

RBNL reported a total income of Rs 237.7 crore for the financial year ended 31st March, 2013. Radio generated revenues of Rs 165.96 crore with radio EBIDTA at Rs 43.3 crore, crediting its performance to focus on cost reduction. The Company reported a loss of Rs 91.7 crore at the PAT level, attributed mainly to expansion in the Television Broadcasting Business.

Business Analysis:

1. FM Radio Broadcasting:

Radio is not only the cheapest but also the most convenient form of entertainment owing to its high mobility factor. The ability to reach a relevant consumer base makes radio a highly preferred medium. Radio reaches out to the richest and poorest strata of the country. The radio advertising industry is projected to grow at a CAGR of 10 percent till 2014 and 21% from over 2014-17 with Phase III stations starting operations in 2014, while Radio’s share in the advertising pie is expected to increase from ~4 percent currently to 8 percent in 2017, as per FICCI- KPMG 2013 report. The Forecast of Sector Growth (Radio) is as below:

92.7 BIG FM

92.7 BIG FM, India’s No. 1 FM Station, since the launch of its first Station in September 2006, has expanded at a phenomenal pace, creating history, by launching its 45 station network in record breaking time of 18 months. With a presence spanning across 45 cities, 1000 towns and 50,000 villages, a weekly reach over 4 crores Indians across the country, the brand is now looking towards expanding to more markets and geographies. The brand has taken FM as a medium of entertainment beyond the metros, to virgin markets, offering consumers and advertisers a new experience of this medium of entertainment. Within a short span of time, with distinctive content and innovative promotion, 92.7 BIG FM has established leadership in the FM space and firmly laid the foundation for an exciting future ahead.

The Brand – It’s positioning: Suno Sunao, Life Banao! BIG FM’s endeavour is to use the power of radio to not only entertain listeners but also positively impact their lives. 92.7 BIG FM enjoys leadership in cities where the Company has brought in the new wave of private FM and ranks a strong No. 2, nationally The Top 10 Advertisers on BIG FM from April 2012 to March 2013 are as follows (as per FCT burnt in 6 Metros)

1. TATA Group

2. Hindustan Unilever Limited

3. Reliance Group

4. Birla Group

5. Life Insurance Corporation of India

6. Coca Cola India Private Limited

7. Vodafone Cellular Limited

8. Samsung India Electronics Private Limited

9. Microsoft Corporation India Private Limited

10. Total Oil India Private Limited

BIG FM: Awards and recognitions:

- • BIG FM was the most awarded Indian Station at the New York Festivals 2013. The network won one gold, two silver, bronze medal along with three finalist certificates.

• Gold for Early Morning Jingle

• Silver in ‘Station Id’ for Green Ganesha and Station Id Accepella

• Bronze medal for Afternoon Jingle

• The station also bagged three finalist certificates for Vaishno Maata ki Katha, Kudiyaan Di Lodi and Raghuvir Yadav

- BIG FM was adjudged the ‘Best Radio Broadcaster of the Year 2012’ at the prestigious ‘Golden Mikes’, the annual Exchange4media Radio Advertising Awards. BIG FM also brought home two Golds, three Silvers and three Bronze Awards in the following categories:

• Best Public service initiative by a radio station or a network of stations for self - Gold award – Rosy Massage Parlour

Best first time innovation - Gold award Rosy Massage Parlour

• Most Unique Programming Idea/ Concept - Silver Award - Yaadon ka Idiot Box with Neelesh Misra

• Best on ground promotion for a single station by a client – Silver Award – BIG Green Ganesha

• Best On-Air Promotion by a Single Radio Station for Self Sponsored by a Client – Silver Award – BIG Green Ganesha

• Best On Air Promotion by a Single Radio Station for self sponsored by a client – Bronze Award – Children’s Day Twinkle

• Best Campaign Bronze Award Visa

• Best Public Initiative by a Radio Station Bronze Award – Rosy Massage Parlour

- BIG FM was the only radio network to win Creative Abbys at Goafest 2013 for Original Music Score, Sound Design and Corporate Categories.

2. Television Broadcasting Business BIG MAGIC

This Channel marked the entry of RBNL into the regional entertainment space. It is positioned as a regional general entertainment channel for the core Hindi heartland of Uttar Pradesh, Madhya Pradesh, Bihar and Jharkhand, featuring regional family dramas, crime shows, sitcoms, reality shows and weekend blockbuster movies. Targeting the 25+ audiences in the Hindi Heartland, the channels prime time shows consistently rank amongst the top shows in the region, providing advertisers with an ideal platform to create greater impact in this region. The Channel derives huge synergies with RBNL’s already well established radio brand – 92.7 BIG FM, the leading radio network in this region, operating 11 Stations in the heartland. This combined media platform offers a unique advertising platform to brands and combined with holistic properties executed in the region, BIG MAGIC delivers incomparable value to advertisers. The Channel has also launched BIG MAGIC Bihar and Jharkhand, with programming tailored for the Bihar and Jharkhand region.

The Channel has also expanded internationally to markets like the US and Canada, which have an enormous South Asian Diaspora. Named BIG MAGIC INTERNATIONAL, the Channel has been customised to ensure it offers the perfect blend of variety entertainment, infotainment, and business news from India designed to resonate excellently with its target audiences.

BIG CBS

BIG CBS Networks Pvt. Ltd. an equally owned joint venture of Reliance Broadcast Network Limited (through its subsidiary)and CBS Studios International marked the entry of the Reliance Group into television broadcasting and US based CBS Corporation’s into India. The themed channels are targeted at India’s fast-growing, upwardly mobile population and are branded BIG CBS Prime - a General Entertainment Channel focused at male viewers and available in the dual feeds of English and Hindi, BIG CBS Love – an English GEC targeting 15+ male and female audiences offering the latest and unmatched world class entertainment in drama, reality and comedy and BIG CBS Spark Punjabi - Regional General Entertainment Channel for the Punjab, Chandigarh, Himachal Pradesh (PCHP) region targeting the 15+ all adults.

The Channels offer audiences immediate access to over 70,000 hours of content from CBS’s vast program library, with a wide range of popular CBS content to be offered by the channels. Key shows like X Factor, America’s Got Talent and American Idol were simulcast with the US. Key programs range from brand-new series such as Summerland, CSI, The Game to name a few. Ensuring offerings of local home grown shows, the Channel also conceptualizes shows like India’s Prime Icon, I Love Style, BIG Boli Star and BIG Punjaban.

With the combination of Reliance Broadcast Network Limited’s prolific multi-media presence and the content muscle of CBS Studios International, the BIG CBS Network has made a significant impact in the growing English language entertainment seeking audiences and stands as a leader in the English General Entertainment Network.

BIG RTL

RBNL (through its subsidiary) and RTL Group ("RTL"), the leading European Entertainment Network, launched their first joint venture channel BIG RTL Thrill positioned as an action entertainment channel targeted at male audiences. Launched in the Hindi heartland, the channel features international content dubbed in Hindi. BIG RTL Thrill targets male viewers aged 15 to 44 promising to offer adrenaline rush, "edge of the seat" entertainment with hand-picked content from across the globe including reality shows, action series, wrestling, extreme sports, game shows and movies.

Distribution of Bloomberg TV India

RBNL through its subsidiary also distributes Bloomberg TV

- India’s premier business news channel, thus offering a robust and well crafted set of 8 television channel network.

GROWTH DRIVERS AND CONCERNS CABLE TV DIGITIZATION:

2013 is a landmark year for the Indian broadcast and cable TV industry. Phase II of Digitisation was rolled out across 38 cities in the year. Phase III of the rollout will contribute significantly to strong TV sector revenues and its ability to invest in and monetize content. The sector is expected to grow at a CAGR of 18% over the period of 2012-2017.

NEW RADIO LICENCES:

2013 will witness rapid growth in FM radio space. The government is planning to conduct auction of FM radio licenses in Phase III for 839 channels and FM radio will reach to every nook and corner of India. This would bring variety in programming, as well as consolidation in the industry.

AD GROWTH

Advertisement spends in traditional media grew at 9% in 2012 and are expected to continue at that level. At the same time digital medium is expected to grow at 40 per cent levels.

NEW EVOLVING TOUCH MEDIUM

M&E sector will witness stupendous growth via tablets, smart phones and various handhelds. Internet users in India in all likelihood would increase by over 50% in the upcoming year. The new generation consumers will communicate via touch and touch-activated entertainment will flourish. On-demand, streaming and any screen that provide instant gratification is in for high growth.

Risks and Concerns

We are responsible for the broadcast content on our FM radio channels and broadcast of any content inconsistent with the license conditions could impact our business

Technical failures and natural disasters can damage our existing set up. Uplinking and other infrastructure used for broadcasting are vulnerable to technological failures and also to natural disasters such as earthquakes and floods. We maintain insurance for our assets against fire, natural calamities including earthquakes and floods, burglary and special contingencies, depending upon the nature of the asset.

Despite high growth over the past few years, radio still gets relatively less focus from advertisers. Establishing a clear proposition for advertisers and media planners hence is a pre-requisite to achieving sustained growth.

We rely on third parties for the sound recordings we broadcast. The sound recordings that we broadcast are supplied or licensed by third parties and we pay royalties to these third parties for the right to broadcast these sound recordings. An appeal filed by PPL and some Music Labels against the landmark order of the Copyright Board capping the Music Royalty payment by Private FM Channels @ 2% of the Net Revenue is pending. The outcome of the said appeal may have an impact on the Company.

Measuring audience composition is an additional challenge, making it difficult for stations catering to a niche audience to convince advertisers of their targeted reach. With the industry currently facing losses, willingness on the part of players to invest in an enhanced measurement system is low.

The Company may from time to time launch new channels.

Content for these channels is obtained from its existing library as well as from programmes acquired in the normal course of its business. The success of any new channel depends on various factors, including the quality of programming, price, extent of marketing, competition etc. There can be no assurance that the Company will be as successful in launching new channels as it has been in the case of its existing channels.

Cost of programming mix might affect our bottom line. In order to compete and provide the best content to viewers, we might have to incur high expenditure to provide an impetus on our programming front from time to time. The increase in costs might not necessarily perk up revenues in the same proportion.

TV Content Production industry is highly competitive and fragmented. It may adversely affect the bargaining power of the Company with channels.

Macroeconomic environment can be a potential source of risk. The unpleasant trinity of moderating growth, high inflation and monetary tightening can adversely impact advertising revenues of the Company, which forms the largest component of the Company’s revenues.

Business Outlook

While 2012 was a challenging year for the industry as a whole, it was also a year of significant changes; one where value chains were rearranged and business models re-defined. These changes, while painful in the short run, will position the Indian M&E industry on a stronger footing for the future.

In 2012, the economic slowdown hit the industry hard – especially advertising revenue. Advertising budgets were cut and plans had to be modified. Most companies had to revise previously robust projections to reflect a new macro – economic reality. However, many seeds of positive change were sown this year. The digital transformation of the industry, which we highlighted last year, has finally entered the implementation phase. Digitisation of cable in India was rolled out. Phase I, though somewhat delayed, is now largely complete in Mumbai and Delhi and progressing in Kolkata. Phase II is now underway.

FDI in cable and DTH was also a welcome announcement and we are likely to see significant interest from foreign strategic investors and private equity players in these sectors. The Radio industry has also requested to the Government to look into increasing the FDI for Radio.

Internal Control System and their adequacy

The Company has adequate internal control procedures commensurate with its size and nature of business. The business control procedures ensure efficient use and protection of Company’s resources and compliance with policies, procedures and statutory requirements. Further Internal auditors are appointed to carry audit assignments and also to periodically review transactions and effectiveness of internal control systems. The Company’s financial performance is discussed in detail under the head "Review of Operations" in Director’s Report to the Members.

Human Resources and Employee Relations

We believe that people are the most valuable assets of the Company as they contribute to the achievement of business objectives. It is the Company’s promise to advance a culture that enhances employee morale, facilitates effective performance through personal/professional development and challenges employee potential. Further, the training needs of the staff at all Divisions are periodically assessed and training programs are conducted using internal resources and/or engaging external facilitators and trainers. Specific need based training and development programs are imparted so as to attain optimum contribution. The Company strives to continue finding ways to offer creative and innovative solutions to organization wide issues. In support of the Company’s principles, values and vision, we continue to collaborate with operations in meeting our goals. Our people policies helped create motivated human capital business partners in each business vertical and brought about integration of people practices globally. The Company continued to knit in the core RBNL values namely customer focus, sustained growth, total quality, people centricity, integrity, and fun in all actions and Human Resource practices. Various events and programs were held Pan India from time to time during the period under review to focus on uplifting the morale of the employees. We have a robust Reward and Recognition program, wherein we recognize functional Champs and incentivize them in creative ways. In the process creating a culture that fosters excellence through innovation and execution. We have a quarterly appraisal system that allows us to closely review and manage people performance in an objective and transparent manner. As business opportunities increase, there would be an increased need to focus on retaining the right talent, while improving the company’s cost efficiencies subsequently. While we continue our focus on running a lean and efficient outfit, it is imperative to keep good resources across functions and hierarchies engaged productively. The HR practices of the Company are designed towards meeting this objective and also retaining the best talent through transparent and meritocratic evaluation processes. We have adopted a performance-linked compensation program that links compensation to individual performance, as well as our performance. The Company has implemented an Employee Stock Option Scheme (ESOS) in accordance with the SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 to enable aligning the interests of the employees with those of the Company and its members and to create a common sense of ownership among them. ESOS will also act as an effective tool to attract, reward, motivate and retain the best talent in the industry.

Corporate Social Responsibility

The Company launched its FM Radio business - 92.7 BIG FM in the year 2006. Its Corporate Social Responsibility initiatives stemmed from its very brand-line "Suno Sunao, Life Banao!" With the endeavor to positively impact listener’s lives through its initiatives both on air and on ground, the Company since launch, has undertaken social initiatives across its 45 city network where it reaches out to over 1000 towns and 50,000 villages touching over 200 million Indians across the country. Utilizing the power of radio effectively and backed with its spread across the length and breadth of India, the Company takes on initiatives that impact the local populace while creating a difference at the local level. With global warming looming large and increasing concerns about climate change, the Company is committed to improving ‘green’ awareness both internally and externally. The company undertakes numerous internal communication initiatives, involving employees and providing direction for participation in addition to the office environment. For its external audiences, the Company uses its media communication platforms effectively for public interest messages, innovative entertainment properties / programs through its radio network which not only entertains but also educates the audiences, alliances with local authorities and NGO’s working for the environment. The Company acknowledges the power of its mediums and uses it optimally to highlight the sensitivity of the issues and arrange for easy participation.