Modi's Cabinet approves phase-III auction of FM channels

New Delhi, Jan 16: The Union Cabinet on Friday approved the phase-III auction of FM radio channels.

The Cabinet, at a meeting chaired by Prime Minister

, also approved the migration (renewal) of private FM radio licences from second to third phase on payment of a migration fee as per the Telecom Regulatory Authority of India (TRAI) recommendations.

"The Cabinet today gave its approval for conduct of FM Phase-III auction and migration (renewal) of private FM radio licenses from Phase-II to Phase-III for 135 channels in 69 existing cities. This will be on an ascending e-auction basis," an official release said.

The release said that the auction process would add an estimated revenue of over Rs 550 crore to the national exchequer. Revenue would also be generated through the migration process.

IANS