SpiceJet’s Ajay Singh to acquire majority stake in NDTV

Ajay Singh, Chairman and Managing Director of SpiceJet is set to acquire a controlling stake in Indian news broadcaster, NDTV.

Reports say that Singh will hold a 40 per cent stake in the channel, while promoters Prannoy Roy and Radhika Roy will take around 20 per cent. Singh is also said to take NDTV’s debt of around Rs. 400 crore, with the total deal set to be worth around Rs. 600 crore, according to Exchange4Media.

A source told the publication, “The deal is still in the initial stages. But we are hopeful that all the formalities will be done by Diwali.”

A spokesperson for SpiceJet denied the reports.