Adani revises open offer timeline to take over Indian broadcaster NDTV

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Adani Group revised its timeline to acquire a controlling stake in the Indian broadcaster New Delhi Television Ltd., a takeover attempt that has raised concerns over eroding press freedom in the world’s largest democracy.

The conglomerate, owned by Asia’s richest man Gautam Adani, between November 22 to December 5 will commence its open offer to acquire an additional 26 percent stake in NDTV, according to stock exchange filings issued late Friday by the media house.

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Adani Group triggered the takeover bid for NDTV after it claimed an indirect 29.18 percent stake in August and initially proposed to start the open offer last month.

The owners of NDTV, which is seen as one of the few relatively critical local media outlets of the Indian government, have opposed Adani’s bid.

Some Indian politicians, journalists and rights groups have voiced alarm over the powerful tycoon’s attempted takeover, given his perceived close relationship with Prime Minister Narendra Modi.

If the NDTV acquisition is successful, Adani will go head-to-head in the sector against rival billionaire Mukesh Ambani, who controls large media assets including news channels.

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