Gautam Adani, the richest man in Asia, is attempting to acquire the Indian news network New Delhi Television, also known as NDTV.
It follows the multibillionaire’s efforts to acquire a majority interest in the company.
According to NDTV, this “was implemented without any input, discussion, or consent” from the company’s founders.
Mr. Adani’s bid for NDTV, which owns television stations and websites, has garnered interest due to his perceived closeness to Prime Minister Narendra Modi.
AMG Media Networks Limited (AMNL), a subsidiary of Adani Group, announced on Tuesday its intention to acquire RRPR Holding, which owns 29.18% of NDTV, for an undisclosed sum.
AMNL further stated that it would launch an open bid for an additional 26% of NDTV, which, if successful, would give it majority ownership in the news organization.
Sanjay Pugalia, chief executive officer of AMNL, described the acquisition as “a critical milestone in the journey of AMNL’s objective to pave the way for new age media across platforms.”
Mr. Pugalia continued, “AMNL aspires to empower Indian citizens, customers, and those interested in India with information and knowledge.”
“With its leading position in news and its extensive and diverse reach across genres and continents, NDTV is the best broadcast and digital platform to help us realize our ambition,” he continued.
Tuesday was the first day that NDTV learned of Mr. Adani’s intentions, it stated in response.
“NDTV has never sacrificed its journalism, the core of its activities. We continue to support this journalism with pride “The business stated in a statement. The organization operates three national news channels and websites.
According to the Bloomberg Billionaires Index, Mr. Adani is the richest individual in Asia with a net worth of $135 billion (£114.3 billion).
Analysis by India business journalist Archana Shukla
In a television news industry increasingly dominated by corporations, NDTV has maintained its position.
NDTV, which was founded by journalists Radhika Roy and Prannoy Roy, is regarded as one of the few media outlets that frequently criticize Mr. Modi’s administration and policies.
NDTV has frequently been in the crosshairs of Mr. Modi’s government and his Bharatiya Janata Party (BJP).
Since his 2014 ascension to power, NDTV has faced a variety of allegations, including money laundering and tax evasion.
Multiple cases have been filed against the broadcaster and its creators by the country’s investigating agencies, including the Enforcement Directorate, the Central Bureau of Investigation, and the income tax department. The majority of them remain unresolved.
Additionally, NDTV has been criticized for its cozy relationship with the opposition political party, the Congress.
In protest of NDTV’s editorial practices, BJP representatives have at times refused to participate in interviews and panel discussions on the network.
Since becoming prime minister, Mr. Modi has not attended a news conference and has only granted occasional interviews to select media outlets, although he has never been on NDTV.
Mr. Adani is seen as a close associate of the prime minister and his party. This has prompted speculation as to whether the takeover plan involves more than simply growing his economic empire.
