In a serious development, Adani Enterprises on Tuesday said its media unit will indirectly buy a 29.18 percent stake in New Delhi Television Ltd (NDTV) and launch an open offer for another 26% stake in the media house.
Adani entities made ₹493-crore open offer for 26% stake in NDTV at ₹294 per share. The media company’s shares closed 5% higher today at ₹376.55 apiece, according to Mint.
NDTV is a leading media house, which operates three national news channels – NDTV 24×7, NDTV India and NDTV Profit. It also has a strong online presence and remains one of the most followed news handles on social media with more than 35 million followers across various platforms.
Speaking about the acquisition, Sanjay Pugalia, CEO and editor-in-chief Media Initiatives Adani Enterprises, said that the acquisition is a significant milestone in the journey of the Adani Media national Limited’s goal to pave the path of new age media, said Sanjay Pugalia, CEO of the Group’s media unit.
A press release issued to the media by the group stated: “Adani Media Network seeks to empower Indian citizens, consumers and those interested in India, with information and knowledge. With its leading position in news and its strong and diverse reach across genres and geographies, NDTV is the most suitable broadcast and digital platform to deliver on our vision. We look forward to strengthening NDTV’s leadership in news delivery.” ANML is 100% subsidiary of Adani Enterprises Limited.
AMNL or AMG Media Networks Limited is a wholly owned subsidiary of Adani Enterprises Limited and houses the media business of the Adani Group. VCPL, which was recently acquired by AMNL, is its wholly owned subsidiary.
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, according to a Hindustan Times report.
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.
Netizens reacted sharply to news with Telangana Chief Minister K Chandrashekar Rao being perhaps the first to raise concern on the development. A large number of Twitterati expressed disappointment over the news, yet some also took a swipe at the popular anchor, Ravish Kumar, Srinivasan Jain as well as several reports. In short, the phrase in social media platforms was ‘the last bastion falls’.
-INDIA NEWS STREAM
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