Adani Group Acquires Majority Stake In News Agency IANS
As part of expanding its presence in the media sector, the ports-to-power conglomerate Adani Group has acquired a majority stake in the news agency IANS India Pvt. Ltd. for an undisclosed sum. “AMG Media Networks Ltd. has acquired a 50.50 percent stake constituting equity shares of IANS India Pvt Ltd,” Adani Enterprises, the flagship company of the Adani group, said in a regulatory filing.
AMG Media is a subsidiary of Adani Enterprises, and it acquired Quintillion Business Media, which operates the business and financial news digital media platform BQ Prime, in March last year. In December, they obtained a 65 percent stake in broadcaster NDTV.
In the filing, it said, “AMNL has also signed a shareholders” agreement with IANS and Sandeep Bamzai, a shareholder of IANS, to record their inter-se rights with respect to IANS.” IANS had a revenue of Rs 11.86 crore in the fiscal year 2022–23 (April 2022–March 2023).
“All operational and management control of IANS will be with AMNL, and AMNL will have the right to appoint all directors of IANS,” the filing said.
“Pursuant to the acquisition as set out above, IANS is now a subsidiary of AMNL.”
Adani Group was founded by billionaire Gautham Adani. Being one of the top 10 billionaires in India, Adani embarked on his entrepreneurial journey as a commodities trader in 1988. Currently, Adani Enterprises, India”s largest private infrastructure company owns 13 ports and eight airports.
The Adani Group has significant presence in sectors such as energy distribution, data centers, and cement, copper, and coal production. The company participated in a 5G auction and acquired 5G telecom spectrum to establish a private network.
