The Group of Ministers on FM Radio Phase-III has finalised an e-auction model for its roll out. Official sources said that the GoM, headed by Finance Minister Pranab Mukherjee decided against the conventional open auction model and instead chose the e-auction method. While over 200 private FM Radio stations are already in operation, the third phase may allow another 700. The third phase will also focus on smaller cities and towns, where private FM radio is absent till now.