Adani Group said Tuesday it will buy a majority stake in NDTV, a high-profile Indian news house, in an apparent hostile takeover as the billionaire Gautam Adani expands his media ambitions.
AMG Media Networks, Adani’s unit, will indirectly purchase a 29.18% stake in New Delhi Television and launch an open offer to buy another 26% stake, the Indian conglomerate said. The open offer is expected to be worth $61.77 million.
Founded three decades ago, NDTV is one of India’s most popular news organizations and a rare property that has consistently taken a critical view of the ruling government’s efforts.
The New Delhi-headquartered business, which operates three TV news channels …
