Adani takeover of NDTV: Another blow to India’s press freedom?

India's richest man, also Asia's second richest, Gautam Adani is on his way to acquiring nearly 29.18% stake in the NDTV news group. A unit of Adani Group announced the bid on Tuesday (23 August), adding that they have also planned for an open offer for another 26% stake. 

According to NDTV, the bid was made without any discussion or consulting their founders, making it a potential hostile takeover. 

The CEO of AMG Media Networks Limited (AMNL), a division of Adani Groups said, "this acquisition is a significant milestone in the journey of AMNL's goal to pave the path of new age media across platforms."

Corporations taking over news companies is not a new phenomenon, however, every time it happens, it invariably casts a dark shadow over the state of press freedom. Questions are raised over whether editorial freedom will be subjugated to the commercial and political interests of the corporation. 

The change in ownership for NDTV – deemed one of the last independent media outlets in India – might very well be a blow to free media in India, since Adani is no ordinary corporation in Modi's India. 

From a polymer import business, Gautam Adani expanded his business to textile, agro products and metals. He is the owner of Mundra Port in Kutch district, Gujrat, which claims to be India's largest private sector port and handles millions of tons of cargo every year.  

He has also successfully delved into thermal power generation and solar power business. In addition, he holds major stakes in Mumbai International Airport. 

Adani and the Modi government have always been cosy with each other. In the last eight years since BJP came to power, Adani Group's wealth has increased manifolds. 

In 2016, the Indian department of commerce amended the Special Economic Zones Rules specifically to give Adani Power Limited the chance to claim a refund of INR500 crores. 

With power and money, often comes scandal. Last year, Indian intelligence authorities seized around three tons of heroin worth $2.7 billion from containers at Mundra Port. And this may just be the tip of the iceberg. In a media statement, Adani Group said it did not have the authority to check shipments and it was a "false propaganda" in social media to taint their reputation. 

Following the announcement, Congress General Secretary Jairam Ramesh tweeted, "The news of a deeply over-leveraged company owned by the PM's 'khaas dost' (special friend) making a hostile takeover bid of a well-known TV news network is nothing but concentration of economic and political power."  

In another tweet, Rajya Sabha MP Kapil Sibal said, "NDTV - Adani to acquire 29%. Makes an open offer for 26%. Almost the last bastion of Independent journalism being taken over by industry."

Modi vs NDTV

Founded by journalists Radhika Roy and Prannoy Roy, NDTV holds three of the most popular national news channels in India under it: NDTV 24×7, NDTV India and NDTV Profit. It also has a significant presence in social media. 

The takeover might adversely impact the news group's overall content, which till today, remains critical of the BJP government and its policies. 

In fact, Prime Minister Narendra Modi has not taken part in any show hosted by NDTV and many BJP politicians have refused to appear on the channel. 

During Modi's rule, NDTV has landed in hot water many times, and it has been charged with many issues, ranging from money laundering to tax evasion. 

What are Adani's intentions?

One might point at Jeff Bezos acquiring The Washington Post in 2013, which turned out to be a massive turning point for the 140-year-old newspaper by increasing its readership and strengthening its position in the digital world. 

But in this case, the Washington Post Company Chairman and Chief Executive Donald Graham personally sought out Jeff, convinced him to buy Post and then made the handover.  

NDTV owners, on the other hand, are probably preparing for a legal fight.    

For an individual who has remarkable power and influence, who belongs in Modi's good books and owns multinational conglomerates with business interests, perhaps, owning an independent TV media outlet is not the wisest move. 

If this bid were to go through, it might as well push the public to question the integrity of one of the last independent media outlets in India and wonder whose interest is NDTV looking out for: the public's or India's richest man?