Gautam Adani, a billionaire and member of the Adani Group, is planning to purchase a majority stake in NDTV, which will bring his family one step closer to owning Indian media.
Yesterday, Adani Group bought a 29.2% stake in NDTV for 1.14 billion rupees ($14.3 million) and it plans to buy more 26% of the company’s shares for 4.93 billion rupees ($75.1 million) offering shareholders a 20% discount to its current closing price.
The acquisition of Quintillion Business Media, the parent company of BloombergQuint, is a significant milestone for AMG Media. The company aims to bring new age media platforms and establish a presence on every one. The 2017 deal for an undisclosed sum with “AMG” is a starting point for this plan.
NDTV’s acquisition is indicative of the group’s founder Adani’s recent deal-making prowess. In May, he acquired Holcim’s cement business in India for $10.5 billion and he may have toppled Mukesh Ambani to become Asia’s richest person.
In July, Cyrus Adani overtook Bill Gates and came in 4th place with a net worth of $137.5 billion, overtaking the Microsoft Bill Gates as whose wealth reduced in July after donating $20 billioin to the Bill & Melinda Gates Foundation. In recognition of his 60th birthday in July, he made a 600-billion-rupee donation to various social causes.
Interestingly, Gautam Adani more than doubled his income during the last year. According to Hurun Global Rish List of 2022, Gautam Adani earned Rs 6000 Crore every week.
With interests in ports, mining, infrastructure, utilities, and real estate Adani has set himself apart from other companies as the country’s largest conglomerate. With increasing shares of Mumbai Airport after the pandemic in September 2020 and his goal to become world top of green energy production he plans on investing a total of $70 billion.
See Also: A man to became India’s richest person after 20 years of struggle – Gautam Adani