Billionaire Gautam Adani’s business conglomerate, Adani Group, has acquired a significant 50.50% stake in news agency IANS India Pvt Ltd, marking a strategic move into the media sector. The acquisition, executed by Adani Enterprises through its subsidiary AMG Media Networks Ltd, further solidifies Adani’s presence in media after its previous acquisitions of Quintillion Business Media and a substantial stake in broadcaster NDTV.
Adani’s media endeavors began in March of the previous year with the acquisition of Quintillion Business Media, which operates the BQ Prime business and financial news digital media platform. Following this, in December, Adani secured a nearly 65% stake in NDTV. AMG Media Networks Ltd facilitated these acquisitions.
The regulatory filing by Adani Enterprises did not disclose the financial details of the IANS stake acquisition. However, the filing outlined that AMNL had also entered into a shareholders’ agreement with IANS and Sandeep Bamzai, a shareholder of IANS, establishing their inter-se rights concerning IANS.
IANS reported a revenue of Rs 11.86 crore in the fiscal year 2022-23 (April 2022 to March 2023). With this recent acquisition, all operational and management control of IANS falls under AMNL, designating IANS as a subsidiary of AMNL.
As a first-generation entrepreneur, Gautam Adani initiated his business journey as a commodities trader in 1988 and has since grown to become India’s leading private player in infrastructure, with a significant presence in various sectors.
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By PTI
