In the most well-known wager by billionaire Gautam Adani in the thriving media industry, the Adani Group of India announced on Tuesday that its media division will purchase a controlling share in New Delhi Television, one of the most well-liked broadcasters in the country. Indirectly acquiring a 29.18% share in New Delhi Television Ltd., Adani’s business will also make an open offer for a 26% stake. According to the release, the open offer would be valued 4.93 billion Indian rupees ($61.73 million).
Adani had earlier on Tuesday claimed to have paid 1.14 billion rupees for Vishvapradhan Commercial Pvt Ltd (VCPL). Owning warrants from NDTV shareholder RRPR, VCPL exercised its right to convert those warrants into shares on Tuesday, representing 99.5% of RRPR. Three national news stations, NDTV 24×7, NDTV India, and NDTV Profit, are run by NDTV, a renowned media company. A 29.18% stake in NDTV is held by RRPR.
In March of this year, the Adani Group acquired a small share in Quintillion, a local digital business news site.
In order to “pave the road of new age media across platforms,” according to AMNL CEO Sanjay Pugalia, this “purchase is a critical milestone.”
“AMNL aims to arm Indian residents, customers, and anyone with an interest in India with knowledge and information. NDTV is the best broadcast and digital platform to realise our goal because of its dominance in news and strong, broad reach across genres and regions. We look forwards to enhancing NDTV’s position as a leader in news dissemination,” Pugalia continued.
