Seeks Indian billionaire Gautam Adani To enhance his media investments in an ambitious expansion plan, as he seeks to diversify his empire further, which focuses on his investments in the shipping and coal mining sectors.
And the agency “Bloomberg” quoted in a report, citing unnamed sources, and seen by “Al Arabiya.net”, that Adani Group is exploring buying stakes in some local TV channels and news publications, while a few of them have also contacted the group to study potential deals.
The sources said that the negotiations are preliminary and there is no confirmation that it will lead to a deal.
This news coincides with the acquisition of the world’s richest man, Elon Musk, on the social networking platform Twitter in a deal estimated at $44 billion.
The media platforms are the latest trend for Adani, 59, who is vying with compatriot Mukesh Ambani, 65, for control of India’s $2.7 trillion economy.
And just weeks ago, Adani deposed his compatriot Ambani from the throne of the richest man in Asia.
Ambani’s business empire ranges from oil refining and petrochemicals to telecommunications, retail, technology and media, while Adani is also expanding his presence by adding airports, data centers and other businesses to his empire.
Both unveiled a joint investment of about $146 billion in green energy over the next few decades.
And just last month, Adani Enterprises Ltd set up AMG Media Networks, an arm it said would be engaged in “publishing, , broadcasting and distributing content across different types of media networks”.
In March, Adani Media Ventures Ltd. agreed. on the purchase of a stake in Quintillion Business Media Pvt.
The sources said that the Adani Group will focus on acquisitions to expand quickly instead of establishing its business from scratch, with the company acting as a financial investor without interfering with the business and editorial decisions of potential deals, according to Bloomberg sources.
Adani’s net worth is about $118 billion, according to the Bloomberg Billionaires Index, while Ambani’s is estimated at $100 billion.