It has also set in motion an offer to NDTV shareholders to buy another 26% stake in the broadcaster for $61.77 million, according to filings by the Adani Group to the Mumbai stock exchange.
“This acquisition is a significant milestone” for AMG Media Networks, Sanjay Pugalia, the CEO of the company said in a statement. The firm “seeks to empower Indian citizens, consumers and those interested in India, with information and knowledge,” he added.
NDTV, which operates TV channels and websites, said that the move was carried out without its consent.
Founded in 1988 by journalists Radhika Roy and Prannoy Roy, NDTV is regarded as one of the most credible news networks in India. It is also one of the few major broadcasters that is often critical of Prime Minister Narendra Modi and the ruling Bharatiya Janata Party.
Concerns about editorial independence
Adani’s move has sparked fears about shrinking editorial freedom and plurality in the world’s largest democracy.
However, the group’s media foray comes at a time when its debt-fueled rapid expansion has become a matter of concern for analysts.
“The Adani Group is increasingly venturing into new and/or unrelated businesses, which are highly capital intensive and raises concerns regarding spreading execution oversight too thin,” wrote analysts at CreditSights in a report on Tuesday.
