Gautam Adani-owned NDTV is planning to launch nine news channels in different Indian languages, suggests the company’s disclosure before the National Stock Exchange of India.
According to a letter to the NSE on Wednesday, the media network’s board of directors have approved a proposal to seek permission from the ministry of information and broadcast to set up nine news channels in regional languages in phases. The company said it will disclose the launch dates after receiving the approval from the ministry.
NDTV, earlier helmed by Radhika and Prannoy Roy, recorded a transfer of ownership with Adani’s takeover in December last year. Newslaundry had reported on the controversial deal that led to the Adani group becoming the majority shareholder in the media company.
On August 23, Adani group’s media arm, which was incorporated only in April 2022, acquired 100 percent equity stake in VCPL that held convertible warrants (against loans given in July 2009 and January 2010) in NDTV’s promoter company, RRPR Holding Private Ltd.
Further, the Adani group’s open offer for additional 26 percent shares of New Delhi Television Limited, or NDTV, that began tendering after over a month’s delay on November 22, 2022, finally came to a close on December 5, 2022. Managing to get 31.7 percent of the bid quantity, the group acquired 8.26 percent of NDTV’s shares. As it already had 29.18 percent stake in NDTV, through the media group’s holding company, RRPR Holding Private Ltd (RRPR), its overall stake totalled to 37.44 percent, making it the largest shareholders of NDTV.
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