India’s Adani Group said on Tuesday its media unit will buy a majority stake in New Delhi Television, one of nation’s most popular, in the most high-profile bet by billionaire Gautam Adani in the vibrant media sector.
Adani’s unit will indirectly buy a 29.18% stake in New Delhi Television Ltd and launch an open offer for another 26% stake. The open offer would be worth 4.93 billion Indian rupees ($61.73 million), according to the statement.
Earlier on Tuesday, Adani said it bought Vishvapradhan Commercial Pvt Ltd (VCPL) for 1.14 billion rupees. VCPL owns warrants of NDTV shareholder RRPR and on Tuesday exercised its rights to convert those warrants into shares amounting to 99.5% of RRPR.
NDTV is a leading media house and operates three national news channels, NDTV 24×7, NDTV India and NDTV Profit. RRPR holds a 29.18% stake in NDTV.
Adani Group took a minority stake in local digital business news platform Quintillion in March this year.
The NDTV acquisition will pave the way for new age media across platforms, Sanjay Pugalia, chief executive at AMG Media Networks Limited, said in a statement.
Gautam Adani competes with Mukesh Ambani, chairman of oil-to-telecom conglomerate Reliance Industries, that also has an interest in India’s vibrant media industry and owns Network18.
Adani Group has seven publicly listed companies which are in businesses such as operating airports and ports, power generation and transmission, coal and gas trading.