Housing Development And Infrastructure Limited (HDIL), a key name in the real estate business, will be foraying into the arena of media and entertainment through buying equities that run Hindi news and regional channels. Sources inform that HDIL will acquire a 51 per cent stake in the Sri Adhikari Brothers operated Broadcast Initiative Ltd. The real estate major is also going to purchase a substantial stake in the Technocraft Media Pvt Ltd that is about to soon start a Bhojpuri channel and Sri Adhikari Brothers Media. The chairman of the HDIL Group, Rakesh Kumar Wadhawan has stated that this move of the HDIL is targeted towards creating a firm foothold for itself in the rapidly burgeoning sector of media and entertainment.

‘This will prove to be an ideal entry point for the group because of the vast media experience of Adhikari Brothers,’ pointed out Rakesh Kumar Wadhawan. The company of the Adhikari Brothers operates Live India, a national Hindi news channel as well as Mi Marathi, a Marathi channel. Providing an outline of their future plans, Wadhawan added that HDIL intends to become the top media group by owning an impressive portfolio of regional and entertainment channels and eventually creating other assets like film production, distribution, studio facilities, etc.