The Adani Group’s attempted takeover of NDTV this year sparked intense speculation about the future of the broadcaster and the effect it would have on Indian media. The multinational conglomerate, founded by the billionaire Gautam Adani, has already established a presence in media by investing in Quintillion Business Media Private Limited, which owns outlets such as BQ Prime. The speculation, though, has largely been about why Mukesh Ambani’s Reliance Industries Limited, which had control by proxy over NDTV and is one of the leading financial players in the media scene, agreed to hand over the channel to its most powerful competitor across the Indian corporate landscape.
On the face of it, Reliance’s decision seems to make little business sense, which is why much has been made of the considerations that might have prompted the group to do so. But the larger point, the
