Friday, December 1, 2023

Adani on NDTV: When Govt. does something good, praise that too

In an interview with the Financial Times, the world’s third richest person and the Chairman of the Adani Group, Gautam Adani, stated that the takeover of NDTV is not a business opportunity but rather a ‘responsibility’.

“(Media) independence means if the government has done something wrong, you say it’s wrong. But at the same time, you should have courage when the government is doing the right thing every day. You have to also say that”, Adani said.

Adani also expressed his intention to make NDTV an international brand and expand it having a global footprint. “Why can’t you support one media house to become independent and have a global footprint? India does not have one single to compare to Financial Times or Al Jazeera,” he remarked in the interview.

He stated that the expense of establishing a worldwide media business would be “negligible” for the conglomerate, and he offered NDTV owner-founder Prannoy Roy to continue as chairman.

Notably, in August this year, Adani Enterprises Ltd’s subsidiary AMG Media Networks Ltd purchased Vishvapradhan Commercial Pvt Ltd (VCPL), which had lent Rs 403.85 crore to NDTV promoter business RRPR Holding Pvt Ltd in 2009 and 2010. Radhika Roy and Prannoy Roy were the owners of RRPR Holding. Adani Group obtained a 29.18 per cent stake in NDTV in this manner.

Following the acquisition of VCPL for Rs 113.75 crore, the Adani Group declared an open offer for the takeover of another 26% interest in NDTV. The group recently announced that subscriptions to its open offer to purchase an additional 26% of NDTV’s public shares will be available from November 22 to December 5.

Adani further denied all allegations by the political opposition in the country of benefitting from the BJP government in the Centre and stated that his company was aligned with the government’s development goals. Investors, he claimed, were buying into “India’s success story.”  

According to Adani, India will continue to produce unicorns and businesses worth more than a billion dollars at a faster pace. In 2021, India added a unicorn every nine days, Adani stated. He also reiterated his $70 billion investment in a sustainable energy value chain.

Adani stated that he planned to invest more than $4 billion in a petrochemical plant at his sizable Mundra port and special economic zone in Gujarat. He also stated that he would be developing a “super app” in the upcoming three to six months to link Adani airport visitors with other Adani Group offerings.

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