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Billionaire Gautam Adani's Adani Group has marked another significant move in the media industry by acquiring a 50.5% stake in the news agency IANS (Indo-Asian News Service) India Pvt Ltd. for Rs 5.10 lakh.
The Adani Group, which has been in the news over Hindenburg's accusation, made this acquisition through Adani Enterprises' subsidiary AMG Media Networks Ltd (AMNL).
"We would like to inform that AMG Media Networks Limited, a wholly owned subsidiary of the Company (“AMNL”) 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 (“IANS”) on 15 th December 2023 in accordance with Share Purchase Agreement dated 15 th December 2023," the company informed in an exchange filing.
Financials details
IANS, with an authorized share capital of Rs. 20,00,000 and a paid-up share capital of Rs. 10,00,000, reported a turnover of Rs. 11.86 crore in the fiscal year 2022-23. The acquisition includes both Category I shares (with voting rights) and Category II shares (without voting rights).
What will change after the acquisition?
Post-acquisition, all operational and management control of IANS will rest with AMNL, including the right to appoint all IANS directors. A shareholders' agreement was also signed between AMNL, IANS, and Sandeep Bamzai, a shareholder of IANS, to outline their respective rights, the company said.
Prior to this acquisition, Adani had ventured into the media sector by acquiring Quintillion Business Media, which operates the BQ Prime digital media platform. In December, the group also took a nearly 65% stake in broadcaster NDTV. These acquisitions, including IANS, are part of Adani's broader strategy to strengthen its presence in the media space.
Adani's diverse business empire
Gautam Adani, a first-generation entrepreneur, began as a commodities trader in 1988. His business interests have since expanded, making him India's largest private player in infrastructure, with assets including 13 ports and eight airports.
The group has diversified into sectors like coal production, energy distribution, data centres, cement, copper, and recently ventured into setting up a private 5G telecom network.
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