FM Pvt LtdThe first auctioning of frequencies in 2000. Biggies Zee, Reliance, Living Media tuned in.Phase II in 2006 saw Sun Network, Bennett & Coleman, Hindustan Times and a host of others move inPhase III, likely early '09, may see news and multiple frequencies operated by one playerRadio predates TV, but barely gets 3% of the Rs 13,500-crore advertising pieThere are currently 250 FM channels. Another 700 will be on air by the year-end.***F