The Adani Group Asia’s richest man has submitted an offer to acquire a controlling stake in New Delhi Television (NDTV). As the conglomerate handled by billionaire Gautam Adani and his family deepen their investment in India’s media industry.
Through AMG Media Networks (AMNL), Adani Group has purchased Vishvapradhan Commercial for 1.14 billion rupees ($14.3 million). Giving him a 29.2 percent stake in NDTV, also the company said in a regulatory filing on Tuesday. Following the takeover, Adani announced it would acquire an additional 26% of the media company for Rs 4.93 billion. Offering shareholders Rs 294 per share, a 20% discount from yesterday’s closing price of NDTV.
“This acquisition is an important milestone,” AMG Media CEO Sanjay Pugalia said in a statement. The company wants to “pave the way for cross-platform media in the new era. Formed earlier this year, AMG Media acquired a 49 percent stake in Quintillion Business Media. Publisher of digital news site BloombergQuint, in March for an undisclosed amount. The acquisition of NDTV comes as the group’s founders have expanded their business empire. Through a series of deals, including taking over Swiss giant Holcim’s Indian cement business for $10.5 billion in May.
In February, Adani overtook Indian billionaire Mukesh Ambani to become Asia’s richest man.
Last month, Adani became the fourth richest person in the world with a real-time net worth of around $137.5 billion, surpassing Bill Gates. His fortune shrank in July after he donated $20 billion to the Bill also Melinda Gates Foundation. Adani also donated Rs 600 billion to various social activities to mark his 60th birthday in July.
In 1988 Adani founded a commodities export company. That has grown to become one of the largest conglomerates in India, with interests in ports, mining, infrastructure, utilities, also real estate. It is now the country’s largest airport operator after acquiring a 74 percent stake in Mumbai International Airport at the size of the pandemic in September 2020. Adani plans to invest up to $70 billion in renewable energy projects to become the world’s leading green energy producer.