(Image source from: Reuters.com)
Gautam Adani, the richest Asian and his firm Adani Group acquired 29.2 percent stake in New Delhi Television or NDTV. Adani Group also offered to buy 26 percent more stake from the open market. The top firm has been keen to expand its footprint in the sector of media. AMG Media Networks that is controlled by Gautam Adani bought Vishvapradhan Commercial for 1.14 billion INR which is 19.8 million USD and acquired the 29.2 percent stake in NDTV as per the stock exchange filings. Adani Group also made an open offer to buy more shares of NDTV from their investors for Rs 294 per share.Sanjay Pugalia, the company’s chief executive officer called it a significant milestone for AMG Media Networks.
“NDTV is the most suitable broadcast and digital platform to deliver on our vision.” told Sanjay Pugalia. Gautam Adani raced to the top in no time and he built an empire in various fields like ports, agri trading and others. AMG Media Networks was launched this year and it announced about publishing and broadcasting. Adani Media Ventures also bought a stake in Quintillion Business Media this year. AMG Media Networks is keen to acquire the stake in several local television and media outlets.The founders of NDTV said that the rights by VCPL were executed. NDTV informed that the stock exchanges that there would be no change in the shareholdings of the founders.