Adani<\/a> Group would need to take approval from the market regulator Securities and Exchange Board of India (SEBI) to complete the transaction.<\/p>\nAdani has challenged the stand taken by NDTV to presumably block the deal. “RRPR is not a party to the SEBI Order dated 27th November 2020 (\u201cSEBI Order\u201d). Consequently, the restraints as pointed out by RRPR in paragraphs 111(b) and 112 of the SEBI Order do not apply to RRPR. The Warrant Exercise Notice has been issued by VCPL under a contract which is binding on RRPR. RRPR is therefore obligated to comply with its contractual obligations,” Adani said on Friday.<\/p>\n
NDTV Was Founded by India’s most famous TV news personalities, Prannoy Roy, and his Wife Radhika Roy in 1988<\/h3>\n
NDTV was founded by one of India\u2019s most famous TV news personalities, Prannoy Roy, and his wife in 1988. Other than TV news channels, the group also runs online news websites.<\/p>\n
On Monday, NDTV said in a stock exchange disclosure that Radhika and Prannoy Roy were not in discussions with any entity for a change in ownership or divestment of their stake in NDTV.\u00a0 They individually and through their company continue to hold 61.45 percent of NDTV, the statement said.<\/p>\n
In March, Adani, who is Asia\u2019s richest man, made his first stake in the media sector by taking a minority stake in local digital business news platform Quintillion. But the proposed NDTV transaction marks Adani\u2019s highest-profile media bet to date.<\/p>\n
\u201cNDTV is the most suitable broadcast and digital platform to deliver on our vision,\u201d Adani Group executive Sanjay Pugalia said in the statement.<\/p>\n
The move could set the scene for Adani to face off in the sector with fellow tycoon Mukesh Ambani.\u00a0 Ambani, chairman of oil-to-telecom conglomerate Reliance Industries, controls Network18, which runs business channels including CNBC TV18.<\/p>\n
Adani Group has several publicly-listed companies in sectors including airports and ports, power generation and transmission, and coal and gas trading.<\/p>\n
India\u2019s TV news industry has a plethora of channels, 70 percent of this market was dominated by Hindi news, according to a note by Elara Capital. Other than Ambani, the other big player is Times Group which runs many news channels and newspapers.<\/p>\n
Elara Capital said Adani\u2019s planned bid to control NDTV was at \u201cvery premium valuations\u201d but added, \u201cthis move will enable a large corporate house backing for a news channel\u201d.<\/p>\n
Adani Group said NDTV had recorded a revenue of 4.21 billion Indian rupees ($53m) and a net profit of 850 million rupees ($10.6m) in the fiscal year that ended in March 2022, with minor debt.<\/p>\n
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