New Delhi: Asia’s richest man, Gautam Adani, is seeking control of an Indian media firm for a bigger foothold in the nation’s competitive digital and broadcast sector.
Adani Group, indirectly acquired a 29.2 per cent stake in New Delhi Television, or NDTV, and offered to buy another 26 per cent from the open market for a combined Rs6.07 billion ($76 million), according to exchange filings Tuesday. Adani Group firms announced an open offer at Rs294 per share - a 20.5 per cent discount to NDTV’s closing share price on the day.
This acquisition marked “a significant milestone” for AMG Media Networks Ltd. that aims to “pave the path of new age media across platforms,” Sanjay Pugalia, the company’s CEO said in a statement. “NDTV is the most suitable broadcast and digital platform to deliver on our vision.”
The group’s founder-billionaire Adani, with the world’s biggest wealth gain this year, built his empire on agri-trading and ports but has speedily diversified into airports, data centers, cement, renewable energy and now media.
Earlier this year, Adani Enterprises established AMG Media Networks, an arm it said would be in the publishing and broadcasting businesses among other things.
NDTV produces and broadcasts news in English and Hindi. In March, Adani Media Ventures agreed to buy a stake in Quintillion Business Media.
The Adani group is exploring buying stakes in some local television and print news outlets, while a few have approached the conglomerate also to study potential deals, Bloomberg reported in May.