NDTV bought by PM’s special friend because independent media needs control, Jairam Ramesh on Adani’s deal
India’s opposition leaders on Wednesday expressed concern over billionaire Gautam Adani’s anti-takeover bid for New Delhi Television (NDTV). Gautam Adani has offered to buy another 26 per cent controlling stake in the media giant after indirect acquisition of 29.18 stake. Senior Congress leader Jairam Ramesh said the prime minister’s “special friend” has made an anti-takeover bid of the famous TV news network, in an apparent reference to Gautam Adani, who had decades-long association with Prime Minister Narendra Modi. “A shameful move to control and suppress any form of independent media,” he tweeted.
Vishwapradhan Commercial Private Limited (VCPL) company through which Adani Media Ventures Limited (AMVL), the media arm under group flagship Adani Enterprises Limited (AEL), converted NDTV’s debt into equity. Its earlier rival was linked to billionaire Mukesh Ambani. Jairam Ramesh further tweeted, “The mysterious thing is how a loan given by one of ‘our two’ is used as a weapon to trigger a hostile takeover of a television network by the other member of the two . The irony is that an organization named ‘Vishvapradhan’ is involved in this!”
Radhika and Prannoy Roy not in discussion about stake
On Monday, NDTV informed the stock exchanges that there was no change in the shareholding of its founders. The media company said in a disclosure that its founders Radhika and Prannoy Roy are no longer in discussions with any entity for change of ownership or disinvestment of their stake in NDTV. On the other hand, Rajya Sabha member and senior advocate Kapil Sibal said, “Business has taken almost the last bastion of independent journalism.”
Earlier on Tuesday (August 23), the media company of the Adani Group announced to buy 29.18 per cent stake in New Delhi Television Limited (NDTV) on August 23. This stake has just been bought indirectly. The Adani group company has taken this stake from the company which held the shares of NDTV. Now the Adani Group will also directly buy 26 per cent stake in NDTV. After this, more than 55 percent stake in the company will go to Gautam Adani’s company. Adani’s surprise move to take control of NDTV has the potential to change the media landscape.
Press release information
Adani Group has issued a press release stating that it has acquired Vishwapradhan Commercial Private Limited (VCPL) for Rs 114 crore. The same company had a stake in RRPR, the shareholding company of NDTV, which it handed over to Adani Media Networks Limited, a media company of the Adani Group. Along with this, India’s largest business group Adani Enterprises Limited has also entered the media world. NDTV is currently running a powerful platform of digital media with 3 news channels. The channel said in a statement that the move by the Adani Group was carried out without any input, conversation or consent from the founders of NDTV.
