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Hours after the announcement, NDTV issued a statement saying the move by the Adani Group “was executed without any input from, conversation with, or consent of the NDTV founders.”
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Other than Ambani, the other big player is Times Group which runs many news channels and newspapers.Įlara Capital said Adani’s planned bid to control NDTV was at “very premium valuations” but added, “this move will enable a large corporate house backing for a news channel”.Īdani Group said NDTV had recorded a revenue of 4.21 billion Indian rupees ($53m) and a net profit of 850 million rupees ($10.6m) in the fiscal year that ended in March 2022, with negligible debt.įitch Group’s debt research unit CreditSights on Tuesday published a report that said Adani Group is “deeply overleveraged” and that its many investments in capital-intensive businesses could pose long-term risks to investors.Indian billionaire Gautam Adani’s conglomerate on Tuesday said it seeks to control a majority stake in the popular New Delhi Television (NDTV.NS) (NDTV), a move the TV news group said was executed without its consent.Ī unit of the Adani Group said it had used financial rights in a bid to purchase a 29.18 per cent stake in NDTV, laying out plans for a subsequent open offer for a stake of another 26pc in line with Indian regulations. India’s TV news industry has a plethora of channels, 70 percent of this market was dominated by Hindi news, according to a note by Elara Capital. The move could set the stage for Adani to face off in the sector with fellow tycoon Mukesh Ambani.Īmbani, chairman of oil-to-telecom conglomerate Reliance Industries, controls Network18, which runs business channels including CNBC TV18.Īdani Group has several publicly-listed companies in sectors including airports and ports, power generation and transmission, and coal and gas trading. “NDTV is the most suitable broadcast and digital platform to deliver on our vision,” Adani Group executive Sanjay Pugalia said in the statement. But the proposed NDTV transaction marks Adani’s highest-profile media bet to date. In March, Adani, who is Asia’s richest man, made his first bet in the media sector by taking a minority stake in local digital business news platform Quintillion. They individually and through their company continue to hold 61.45 percent of NDTV, the statement said. On Monday, NDTV said in a stock exchange disclosure that Radhika and Prannoy Roy were not in discussions with any entity for a change in ownership or divestment of their stake in NDTV. Other than TV news channels, the group also runs online news websites. NDTV was founded by one of India’s most famous TV news personalities, Prannoy Roy, and his wife in 1988. That open offer price is at a 20.5 percent discount to NDTV’s Tuesday close of 369.75 rupees. While Adani did not disclose financial details of the group’s planned 29.18 percent stake purchase, it said its subsequent open offer would be for 294 Indian rupees ($3.68) per NDTV share, which would be worth 4.93 billion Indian rupees ($61.7m). He is not connected to the situation.Īdani Group did not immediately respond to a request for comment on NDTV’s statement. “From NDTV’s statements, it seems this may not be a friendly takeover which generally is as per agreed terms and mechanism, and in fact, may end up being a hostile takeover,” said Dipti Lavya Swain, founder and managing partner of DLS Law Offices. It operates three national channels: NDTV 24×7 in English, NDTV India in Hindi and a business news channel. One of the nation’s most popular news organisations, NDTV is regarded as one of the few media groups that often takes a critical view of the ruling administration’s policies. Hours after the announcement, NDTV issued a statement saying the move by the Adani Group “was executed without any input from, conversation with, or consent of the NDTV founders”. Shares of India’s NDTV jumped 5 percent to their highest in 14 years on Wednesday.Ī unit of the Adani Group said on Tuesday it had used financial rights in a bid to buy a 29.18 percent stake in NDTV, laying out plans for a subsequent open offer for a stake of another 26 percent in line with Indian regulations. Indian billionaire Gautam Adani’s conglomerate has said it seeks to control a majority stake in the popular New Delhi Television (NDTV), a move the TV newsgroup said was executed without its consent.