NDTV founders resign from board after Adani takes control

India’s New Delhi Television Ltd (NDTV) said on Friday its founders Prannoy Roy and Radhika Roy had resigned as directors after billionaire Gautam Adani’s conglomerate took majority control of the media company.

Along with the Roys, four other independent directors also resigned, effective Dec. 30, NDTV said in a statement.

Adani Enterprises Ltd (ADEL.NS), through subsidiaries RRPR Holding and Vishvapradhan Commercial, now owns 64.72% of NDTV, which runs three national channels.

The Roys will continue to hold a 2.5% stake each in NDTV, according to the statement.

“I am resigning owing to the change in ownership of the Company. There are no other material reasons for my resignation,” Prannoy Roy, one of India’s best-known journalists, said in his letter to the company resigning as executive co-chairperson.

The acquisition of NDTV by Gautam Adani, the world’s third-richest person, will pit him directly against fellow Indian billionaire Mukesh Ambani who has also expanded his media empire.

“The Adani Group is privileged to further bolster NDTV with world-class infrastructure and talent and transform NDTV into a thriving multi-platform global news organisation,” Adani said in a separate statement.

Adani Group would “strengthen and invest in the NDTV newsroom to be a multi-faceted multi-media digital platform”, the statement added.