Richest Indian Gautam Adani’s company on Tuesday said that it would buy a majority stake in New Delhi Television (NDTV), one of the nation’s most popular news channels. The acquisition by the Adani Group is seen as a move to boost its media investments as a part of an ambitious expansion plan. 

An Adani Group firm had first acquired a company that in the past was linked to rival billionaire Mukesh Ambani. The particular company had loaned Rs 250 crore to NDTV in 2008-09, and the Adani group firm now exercised the option to convert that debt into a 29.18 per cent stake in the news channel company. 

Subsequently, it launched an open offer for another 26 per cent stake, the group said in a statement. 

This will be the ports-to-energy group’s most high-profile bet in the media sector, where Ambani already has a sizeable presence through Network18, which runs a bouquet of channels, including news channel CNN-News18 and business channel CNBC-TV18. 

Last year, Adani Media Ventures (AMVL), the media arm under the group’s flagship Adani Enterprises (AEL), had acquired the digital business news platform Quintillion Business Media (QBM). 

“AMVL’s wholly-owned subsidiary Vishvapradhan Commercial (VCPL) holds warrants of RRPR Holding (RRPR), entitling it to convert them into 99.9 per cent stake in RRPR. VCPL has exercised warrants to acquire 99.5 per cent in RRPR,” it said. 

Such acquisition will result in VCPL acquiring control of RRPR. 

“RRPR is a promoter group company of NDTV and holds a 29.18 per cent stake in NDTV,” the statement said. 

“VCPL, along with AMG Media Networks and AEL (persons acting in concert), will launch an open offer to acquire up to 26 per cent stake in NDTV” in compliance with takeover norm. 

NDTV operates three national news channels – English news channel NDTV 24×7, Hindi news channel NDTV India and business news channel NDTV Profit. 

It also has strong online presence and remains one of the most followed news handles on social media with more than 35 million followers across various platforms. 

The open offer would be worth Rs 493 crore. 

In a statement, NDTV said that VCPL served a notice to acquire 99.50 per cent control of RRPR without any discussion. 

“Radhika and Prannoy Roy (NDTV’s promoters) are not in discussions now, nor have been, with any entity for a change in ownership or divestment of their stake in NDTV. They individually and through their company, RRPR Holding, continue to hold 61.45 per cent of the total paid-up share capital of NDTV," NDTV said in a BSE filing.