Indian conglomerate Adani Group moved a step closer to taking over news company New Delhi Television Ltd on Monday with market regulator approval to buy an additional 26% stake, according to a person familiar with the matter. The ports-to-energy conglomerate led by Asia’s richest man Gautam Adani unveiled plans in late August to acquire a majority stake in the popular news network, considered a bastion of independent media.
Adani planned to make an open offer for a 26% stake in NDTV between November 22 and December 5, according to a stock exchange filing last week. It is also set to acquire a further 29.18% stake in the news group by taking over the entity backed by its founders. The Securities and Exchange Board of India (SEBI) said on its website on Monday that it had received final comments on the November 7 transaction.
Under Indian regulations, the acquirer can proceed with the offer once SEBI receives final comments, according to a source familiar with the matter, who requested anonymity because the person is not allowed to speak to the media. Adani Group did not immediately respond to Reuters’ request for comment outside business hours. NDTV is seen by some as one of the few independent voices in India’s rapidly polarizing media landscape, and the takeover attempt has raised concerns among journalists and politicians that the change in ownership could undermine its editorial integrity. The broadcaster had earlier said that Adani Group’s move “was done without any input, conversation with or approval of the founders of NDTV”.
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