Indian billionaire Gautam Adani’s conglomerate has said it seeks to control a majority stake in India’s popular New Delhi Television (NDTV), a move the TV newsgroup said was executed without its consent.
Shares of India’s NDTV jumped 5 percent to their highest in 14 years on Wednesday, reports Aljazeera.
A unit of the Adani Group said on Tuesday it had used financial rights in a bid to buy a 29.18 per cent stake in NDTV, laying out plans for a subsequent open offer for a stake of another 26 per cent in line with Indian regulations.
Hours after the announcement, NDTV issued a statement claiming the move by the Adani Group “was executed without any input from, conversation with, or consent of the NDTV founders.”
One of the India’s most popular news organisations, NDTV is regarded as one of the few media groups that often take a critical view of the ruling administration’s policies. It operates three national channels: NDTV 24×7 in English, NDTV India in Hindi and a business news channel.
Bd-pratidin English/Tanvir Raihan
