Adani group ventures into electronic media

GAUTAM ADANI-led Adani Group, a conglomerate with diverse business interests, Tuesday acquired a 29.18 per cent stake in television channel NDTV Ltd, and said it will launch an open offer as required by the Securities and Exchange Board of India (SEBI) to buy another 26 per cent in the company.

The Adani Group — which in May this year said it will acquire 49 per cent in digital news provider BloombergQuint — aims to further boost its media investment with a television channel under its umbrella. In a notice to stock exchanges, NDTV said the acquisition was executed without any input from, conversation with, or consent of NDTV founders Prannoy Roy and Radhika Roy. The two continue to hold 32.26 per cent in NDTV. (MINT)