Indian billionaire makes hostile bid for high-profile NDTV news channel

Asia's richest man has launched a hostile bid to take over an influential broadcaster in India and gain a firmer footing in the country's vibrant media space.

AMG Media Networks, a unit of billionaire Gautam Adani's conglomerate, said in a statement late on Tuesday that it has acquired a 29% stake in New Delhi Television (NDTV) by buying one of the network's major shareholders for an undisclosed amount.

It has also set in motion an offer to NDTV shareholders to buy another 26% stake in the broadcaster for $61.77 million, according to filings by the Adani Group to the Mumbai stock exchange.