India tycoon Adani in hostile bid for news channel NDTV

Asia’s richest man Gautam Adani is seeking to take over Native indian news broadcaster Brand new Delhi Television, that is widely known as NDTV.

It comes as the multi-billionaire moved to have a majority stake in the firm.

NDTV says this “was executed without any input from, conversation with, or consent” of the company’s founders.

Mr Adani’s bid for NDTV raises concerns about editorial independence because he is seen as being close to Prime Minister Narendra Modi.

In a statement on Tuesday , AMG Media Networks Restricted (AMNL), a device of Adani Team, said it planned to buy RRPR Holding – which is the owner of owns 29. 18% of NDTV : for an undisclosed quantity.

AMNL added it would also launch an open offer another 26% of NDTV, which if productive would give it a number stake of the information outlet.

The takeover was “a substantial milestone in the journey of AMNL’s objective to pave the way of new age press across platforms, inch AMNL chief executive Sanjay Pugalia said.

“AMNL seeks to enable Indian citizens, consumers and those interested in India, with information and knowledge, ” Mister Pugalia added.

“With its leading position in news as well as its strong and varied reach across styles and geographies, NDTV is the most suitable transmit and digital system to deliver on our vision, ” he additional.

Responding to the bet, NDTV said it had been only made aware of Mr Adani’s intentions on Tuesday.

“NDTV has never compromised over the heart of its procedures – its journalism. We continue to proudly stand by that journalism, ” the company said inside a statement . The group operates three nationwide channels and news websites.

Adani Group did not immediately respond to a BBC request for comment on Wednesday.

Mr Adani includes a net worth of $135bn (£114. 3bn) and is the wealthiest man in Asian countries, according to the Bloomberg Billionaires Index.

Analysis by Archana Shukla, India business correspondent

In the television news marketplace which has increasingly been taken over by corporates, NDTV has was its ground.

Founded by mass media barons Radhika Roy and Prannoy Roy, who are journalists on their own, NDTV is seen as mostly of the media groups that takes a critical view of Mr Modi’s government and their policies.

Unsurprisingly, NDTV has often been in the crosshairs of Mr Modi’s administration and his Bharatiya Janata Party (BJP).

Given that he came to energy in 2014, NDTV has faced a number of charges – through money laundering to tax evasion.

The country’s investigative agencies – the Enforcement Directorate, the Central Bureau of Investigation and the tax department – have slapped multiple instances against the broadcaster as well as its founders. Most of these continue to be unresolved.

NDTV has also been criticised of cosying up to the opposition politics party, the Congress.

BJP representatives have at times refused to participate in interviews plus panel discussions upon NDTV to protest against its content policies.

Mr Modi, who has not kept a press meeting since he became prime minister within 2014, has given rare interviews to choose media channels, but has never appeared on NDTV.

Mr Adani is considered close to the perfect minister and his celebration. That has raised queries as to whether there is certainly more to the takeover plan than just growing his business empire.