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Adani Group to acquire 29% stake in NDTV

The Adani Group, owned by Asia’s richest man, Gautam Adani, is set to indirectly acquire 29.2% stake in New Delhi Television Ltd (NDTV).

The group will be offered to buy another 26% from the open market for $76 million, according to market filings on Tuesday. Bloomberg reports that Adani Group firms announced an open offer at 294 rupees per share.

“This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms” stated Mr. Sanjay Pugalia, CEO, AMG Media Networks Limited. “AMNL seeks to empower Indian citizens, consumers and those interested in India, with information and knowledge. 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. We look forward to strengthening NDTV’s leadership in news delivery.”