In a regulatory filing, Adani Enterprises — the firm that holds the group’s media interest — said its subsidiary AMG Media Networks Ltd has acquired a 50.50 per cent stake constituting equity shares of IANS India Pvt Ltd.
Adani group announced on December 15, 2023, that it has acquired a 50.5 per cent stake in newswire agency, IANS India Pvt Ltd for ₹5.1 lakh, further consolidating its presence in the media sector, according to a regulatory filing.
In a regulatory filing, Adani Enterprises — the firm that holds the group’s media interest — said its subsidiary “AMG Media Networks Ltd has bought a 50.50 per cent stake constituting equity shares of IANS India Pvt Ltd.”
IANS, or Indo-Asian News Service, was founded in 1986 to serve the Indian diaspora in North America. In the 1970s, it shifted its focus to India and South Asia, becoming a full-fledged wire service. According to the filing, the company reported a turnover of ₹12 crore in FY23, ₹9.4 crore in FY22, and ₹10.3 crore in FY21.
Adani had forayed into media business in March last year when it acquired Quintillion Business Media, which operates business and financial news digital media platform BQ Prime. It thereafter in December took nearly 65 per cent stake in broadcaster NDTV, according to media reports.
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.”
After this development, Adani will have three media projects – the NDTV network, Quintillion Business that operates business and financial news digital media platform BQ Prime, and now IANS.
Adani Group plans to spend ₹7 trillion ($84 billion) on infrastructure over the next decade, a similar amount the Indian conglomerate owned by billionaire Gautam Adani has lost in market value since corporate fraud allegations were leveled against it by a US short-seller earlier this year, Mint reported earlier.
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