Adani’s unit will indirectly buy a 29.18% stake in
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
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
, 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.
