News Brief
After NDTV, Adani Group Acquires Majority Stake In News Agency IANS
Adani Group. (Representative image).
The Adani group, led by billionaire Gautam Adani, has further expanded its footprint in the media industry by purchasing a majority share in the news agency, IANS India Pvt Ltd, for an undisclosed sum.
Adani Enterprises, the company that holds the group's media interests, said in a regulatory filing on Friday (15 December) that its subsidiary, AMG Media Networks Ltd, has purchased a 50.50 per cent equity share stake in IANS India Pvt Ltd.
"AMG Media Networks Limited, a wholly owned subsidiary of the Company, has acquired 50.50% stake constituting Equity Shares (Category I shares - with voting rights) and Equity Shares (Category II shares - without voting rights) each of IANS India Private Limited," the firm said.
It further said that 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".
For the fiscal year 2022-23, from April 2022 to March 2023, IANS reported a revenue of Rs 11.86 crore, the document revealed.
In March last year, Adani ventured into the media industry by purchasing Quintillion Business Media, the operator of the business and financial news digital media platform BQ Prime.
Following this, in December, the group acquired around 65 per cent share in the broadcasting company, NDTV.
AMNL was the vehicle for these acquisitions as well.
For the fiscal year 2022-23, from April 2022 to March 2023, IANS reported a revenue of Rs 11.86 crore.
"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," it added.
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