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Our Bureau

Mumbai , Jan. 17

The Star group and India Value Fund (IVF) today said that they have reached an in principle agreement, under which Star will pick up 20 per cent stake in Music Broadcast Pvt Ltd (MBPL), the promoter of Radio City — an FM radio brand. The agreement, however, is subject to the approval of the Foreign Investment Promotion Board, said a news release from Star. Currently, MBPL is jointly owned by IVF, which has 75 per cent stake in the company, and Radiovani, which has 25 per cent stake.

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