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Billionaire Adani to Buy NDTV for Foothold in India Media Space

  • Group make an open offer for 26% more at 294 rupees per share
  • Conglomerate has been rapidly diversifying into new sectors
Gautam Adani

Gautam Adani

Photographer: Sanjeev Verma/Hindustan Times/Getty Images

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Asia’s richest man, Gautam Adani, is seeking control of an Indian media firm for a bigger foothold in the nation’s competitive digital and broadcast sector.

Adani Group, indirectly acquired a 29.2% stake in New Delhi Television Ltd., or NDTV, and offered to buy another 26% from the open market for a combined 6.07 billion rupees ($76 million), according to exchange filings Tuesday. Adani Group firms announced an open offer at 294 rupees per share -- a 20.5% discount to NDTV’s closing share price on the day. NDTV or its founders were not aware of any transaction and were not part of any discussion regarding the stake sale, the company said in a statement.