New Delhi: The Adani Group has acquired a majority stake of 50.50% in the Indo-Asian News Service (IANS), a prominent news agency, expanding its presence in the media sector. The acquisition was made through Adani Group’s subsidiary, AMG Media Networks Ltd (AMNL), for an undisclosed amount.
According to a regulatory filing by Adani Enterprises, AMNL has also entered into a shareholders’ agreement with IANS and Sandeep Bamzai, a shareholder of IANS, to document their respective rights concerning IANS. Following the acquisition, IANS is now officially a subsidiary of AMNL.
The financial details of the deal have not been disclosed, but IANS reported a revenue of ₹11.86 crore in the fiscal year 2022-23. The filing specifies that AMNL will have operational and management control of IANS, with the authority to appoint all the directors.
This move follows the Adani Group’s previous acquisitions in the media sector, including Quintillion Business Media, which operates the digital media platform BQ Prime, and the acquisition of broadcaster NDTV in the preceding year. The founders of NDTV transferred a significant portion of their shares to Adani, granting the conglomerate control over nearly 65% of the news network.
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