Adani forays into news channel space; set to acquire NDTV

New Delhi, Aug 23: Richest Indian Gautam Adani’s group on Tuesday said it will buy a majority stake in New Delhi Television Ltd, one of the nation’s most popular news channels, as it looks to boost media investments as part of an ambitious expansion plan.

An Adani Group firm first acquired a company that in the past was linked to rival billionaire Mukesh Ambani. The particular company had loaned money to NDTV and the Adani group firm exercised the option to convert that debt into a 29.18 per cent stake in the news channel company.