Indian conglomerate Gautam Adani’s stake in NDTV has increased to more than 37% by an open offer. Adani group has now become the biggest shareholder in one of India’s most renowned news broadcasters.
Last week Adani attained a stake of about 29.2 percent in NDTV after buying a company that was endorsed by the news channel’s founders Radhika Roy and Prannoy Roy, who own 29.2 percent stake in NDTV. Soon after Adani’s acquisition into the company, the channel’s senior executive editor, Ravish Kumar resigned from the company. For Adani, the takeover of NDTV is a responsibility rather than a business move and therefore has invited annoy Roy to remain as the chairperson when the acquisition is done. Prannoy Roy is the chairperson of the company while his wife Radhika Roy is an executive director. Gautam Adani aims to make NDTV an international media group. If the offer of continuing as the chairperson is not accepted, then, Adani group will get the complete right to hire a new chairperson.
Last week, the Roys resigned from the RRPR (Radhika Roy and pray Roy) board. After the takeover, the Adani group appointed 2 executives to the RRPR board. They are Sudipta Bhattacharya and Sanjay Puglia. Senthil Chengalvarayan, A journalist was also appointed, he is a director at quintillion business media, a media broadcaster in which Adani had earlier bought stakes. Mr. Puglia is a journalist and is the chief executive officer and editor-in-chief of media initiatives at the Adani group.
Gautam Adani was one of the three Indians who were named Asia’s heroes of philanthropy in Forbes’s 16th edition. The other two were Shiv Nadar and Ashok sorta. Gautam Adani was on the list for pledging rs. 60,000 crores when he turned 60 in June this year.
According to the press release, he is one of the most generous philanthropists in India. The money will be led through the Adani foundation. Adani Foundation was founded back in 1996.
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