Gautam Adani's group has purchased a controlling stake in news agency IANS India Pvt Ltd for an undisclosed sum as the group extends its media presence. Adani Enterprises, the group's media holding company, stated in a regulatory filing that its subsidiary "AMG Media Networks Ltd has acquired a 50.50 percent stake constituting equity shares of IANS India Pvt Ltd." The acquisition price was not disclosed by the corporation.
Adani entered the media sector last March when it purchased Quintillion sector Media, which manages the business and financial news digital media platform BQ Prime. Following that, in December, it acquired a nearly 65 percent interest in NDTV.
AMNL was also the Vehicle for these Acquisitions
According to the report, "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 (April 2022 to March 2023), IANS earned 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 statement stated.
"Pursuant to the acquisition as set out above, IANS is now a subsidiary of AMNL." Adani, a first-generation entrepreneur, began as a commodities trader in 1988 and has since grown to become India's largest private operator in infrastructure, with 13 ports and eight airports. It has diversified over the years, producing coal, energy distribution, data centers, and, more recently, cement and copper. It even bid on and won 5G telecom spectrum to build a private network.
