Gautam Adani is known for making bold and expensive acquisitions in diverse fields. Yet, his attempts to acquire New Delhi Television sent a frisson of fear through Indian journalism
On a late August evening in New Delhi, journalists’ phones started buzzing with messages. Indian billionaire Gautam Adani’s conglomerate had just launched a hostile bid to take over an influential broadcaster in the capital. The infrastructure tycoon is known for making bold and expensive acquisitions in diverse fields.
is one of the few major broadcasters left in India that is often critical of Prime Minister Narendra Modi and the ruling Bharatiya Janata Party. And 60-year-old Adani is perceived to be one of Modi’s closest business allies. The reaction from investors was much more enthusiastic. ’s stock gained over 50% in the days following the announcement. Markets have been cheering for the businessman, and his breathless pace of expansion, since the start of the pandemic. They are betting on the self-made industrialist’s ability to grow his business in sectors that Modi has prioritized for development.
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