Adani Group, led by billionaire Gautam Adani, has acquired a majority stake in news agency IANS India Pvt Ltd, marking a strategic move into the media sector. The acquisition was made through Adani Enterprises, the group’s media-focused entity, with its subsidiary, AMG Media Networks Ltd, obtaining a 50.50% stake in IANS India Pvt Ltd. The regulatory filing did not disclose the financial details of the transaction. Adani’s entry into the media industry began in March of the previous year with the acquisition of Quintillion Business Media, the operator of the business and financial news digital media platform BQ Prime. In December of the same year, the group acquired a nearly 65% stake in broadcaster NDTV. Both acquisitions were facilitated through AMG Media Networks Ltd.
The filing also mentioned that AMG Media Networks Ltd signed a shareholders’ agreement with IANS and Sandeep Bamzai, a shareholder of IANS, outlining their respective rights concerning IANS. The news agency reported a revenue of Rs 11.86 crore in the fiscal year 2022-23. Following the acquisition, AMG Media Networks Ltd will have operational and management control of IANS, with the right to appoint all directors. This move underscores Adani’s continued diversification across various sectors, including infrastructure, energy, data centers, cement, copper, and now media. The Adani Group has become a prominent player in India’s business landscape, with significant ventures in multiple industries.
Post Your Comments