Asia's richest man Gautam Adani is seeking to take over Indian news broadcaster New Delhi Television, which is widely known as NDTV. It comes as the multi-billionaire moved to take a majority stake in the firm.
NDTV says that this was executed without any input from, conversation with, or consent of the company's founders. Mr Adani's bid for NDTV, which operates TV channels and websites, has drawn attention because he is seen as being close to Prime Minister Narendra Modi.
In a statement, AMG Media Networks Limited (AMNL), a unit of Adani Group, said it planned to buy RRPR Holding - which owns 29.18% of NDTV - for an undisclosed amount. AMNL added that it would also launch an open offer for another 26% of NDTV, which if successful would give it a majority stake of the news outlet.
AMNL chief executive Sanjay Pugalia said: “The takeover was a significant milestone in the journey of AMNL's goal to pave the path of new age media across platforms. AMNL seeks to empower Indian citizens, consumers and those interested in India, with information and knowledge."
He added: "With its leading position in news and its strong and diverse reach across genres and geographies, NDTV is the most suitable broadcast and digital platform to deliver on our vision." NDTV said it was only made aware of Mr Adani's intentions days ago.
In a statement, the company said: "NDTV has never compromised on the heart of its operations - its journalism. We continue to proudly stand by that journalism." The group operates three national channels and news websites.
Adani Group did not immediately respond to a request for comment. Mr Adani has a net worth of $135bn (£114.3bn) and is the richest man in Asia, according to the Bloomberg Billionaires Index.
