Hiteshbhai,
Yes, I feel that ENIL is the best bet on pure radio play.
In terms of second and third frequency, management has indicated that they are evaluating 2 or 3 different formats which will provide product differentiation. In fact, the whole focus of acquiring the 2nd/3rd frequency is to attract the new listeners or provide content to existing listeners of other channels a differentiated content (unlike the general music content that all radio stations provide today) thus expanding the pie. There are enough indications by the management that it may be under a new "brand" itself, thus minimizing the chances of cannibalization and creating a new segment altogether.
Having said that, this again is "First time" for the industry and how well they are able to execute this and gain listenership remains to be seen. However, I have very high regard for their creative teams which delivers excellent new ideas from time to time. Thus, l believe that they will be able to pull it off.