Adani set to acquire NDTV news channels in major media bet

India’s Adani Group said on Tuesday its media unit will buy a majority stake in New Delhi Television NSE 4.99 %, one of nation’s most popular, in the most high-profile bet by billionaire Gautam Adani in the vibrant media sector.

Adani’s unit will indirectly buy a 29.18% stake in New Delhi Television Ltd NSE 4.99 % and launch an open offer for another 26% stake. The open offer would be worth 4.93 billion Indian rupees ($61.73 million), according to the statement.