The publisher of the Times of India has bought Virgin Radio from SMG for £53.2m ($105.3m), in its first international acquisition and its first step towards an ambitious vision of creating a new music entertainment brand for the UK.

SMG, the Scottish broadcaster, sold the national AM licence and FM London licence to TIML Golden Square, a subsidiary of Bennett Coleman, the Indian publisher, and Absolute Radio, a radio investor and consultancy backed by Irish property money.