Updated December 16th, 2023 at 11:21 IST
Adani expands media presence with majority stake in IANS
AMG Media Networks Ltd has successfully acquired a 50.50 per cent stake, constituting equity shares of IANS India Pvt Ltd.
The Adani Group, led by billionaire entrepreneur Gautam Adani, has further strengthened its foothold in the media sector by acquiring a majority stake in news agency IANS India Pvt Ltd. Adani Enterprises, the entity overseeing the conglomerate's media ventures, confirmed the acquisition through its subsidiary, AMG Media Networks Ltd.
In a regulatory filing, Adani Enterprises disclosed that AMG Media Networks Ltd has successfully acquired a 50.50 per cent stake, constituting equity shares of IANS India Pvt Ltd. The financial terms of the deal, however, remain undisclosed.
This move follows Adani's strategic entry into the media industry in March of the previous year, marked by the acquisition of Quintillion Business Media, the operator of the BQ Prime business and financial news digital media platform.
Subsequently, in December, the conglomerate secured nearly a 65% stake in the renowned broadcaster NDTV. The vehicle for these acquisitions, AMG Media Networks Ltd, played a pivotal role in executing the transactions.
According to the filing, "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." In the fiscal year 2022-23, IANS reported a revenue of Rs 11.86 crore.
The filing further clarified, "All operational and management control of IANS will be with AMNL, and AMNL will have the right to appoint all directors of IANS." Following the acquisition, IANS is now officially recognized as a subsidiary of AMNL.
Gautam Adani, a first-generation entrepreneur who began his journey as a commodities trader in 1988, has propelled the Adani Group into diverse sectors, making it India's largest private player in infrastructure. With a portfolio spanning 13 ports, eight airports, energy distribution, coal production, data centres, and recent forays into cement, copper, and 5G telecom spectrum acquisition, the conglomerate continues to expand its influence across key industries.
Published December 16th, 2023 at 11:21 IST