Reliance to sell a 24% stake in its radio unit to Jagran Prakashan for $173m.

Reliance, an Indian conglomerate holding company, agreed to sell a 24% stake in its radio unit, Reliance Broadcast Network, to Jagran Prakashan, a leading Indian publishing house, for $173m. The planned exit from the radio business is part of efforts by Anil Ambani, Reliance's chairman, to cut wider group liabilities after a debt-fueled expansion in the past decade strained finances, while a subsequent government crackdown on bad loans led to the collapse of his wireless phone-services unit.