India's Adani Group announced buying NDTV

India's Adani Group announced buying NDTV

Gautam Adani's Adani Group, one of India's richest men and the world, has said his media unit will buy a majority stake in New Delhi Television (NDTV), one of the country's most popular media houses.

The media unit will indirectly buy a 29.18 percent stake in New Delhi Television Ltd and launch an offer for another 26 percent stake, Adani Group said in a statement on Tuesday, according to Reuters. That will be four billion 93 crore Indian rupees

Earlier, the Adani Group had said on Tuesday that it had bought Vishwa Pradhan Commercial Private Limited (VCPL) for INR 1.14 billion.

VCPL held warrants of NDTV's shareholder RRPR, which it converted into shares on Tuesday itself.

NDTV is a popular media house in India and operates three channels, including NDTV 24x7, NDTV India, and NDTV Profit.

Earlier, Adani Group had also bought some stake in a local digital media platform.

Regarding the acquisition of NDTV shares, Sanjay Pagaliya, chief executive of AMG Media Networks Limited, said in a statement that the acquisition of NDTV will pave the way for a new era of media across all platforms.

It should be noted that Gautam Adani is competing with Mukesh Ambani, the richest man in Asia and India, who owns Reliance Group and also owns Network 18 Media Group.