Gautam Adani: In an effort to increase its footprint in the media, billionaire Gautam Adani‘s group has paid an undisclosed amount to acquire the majority of the news agency IANS India Pvt Ltd. The company that owns the group’s media interest, Adani Enterprises, stated in a regulatory filing that one of its subsidiaries, “AMG Media Networks Ltd, has acquired a 50.50 per cent stake constituting equity shares of IANS India Pvt Ltd.” The acquisition price was not disclosed by the company.
Adani’s Media Entry
When Adani bought Quintillion Business Media, the company that runs the digital media platform BQ Prime for business and financial news, in March of last year, it made its first foray into the media industry. It then acquired nearly 65% of the broadcaster NDTV in December. These acquisitions were made through AMNL as well.
Shareholders’ Agreement
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.” In the fiscal year 2022–2023 (April 2022 to March 2023), IANS brought in 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.
IANS Becomes AMNL Subsidiary
“Pursuant to the acquisition as set out above, IANS is now a subsidiary of AMNL.” Adani, a first-generation businessman, began his career in 1988 as a commodities trader and developed his ventures to become the biggest private infrastructure player in India, owning 13 ports and eight airports. Its operations have expanded over time to include the production of coal, energy distribution, data centres, and, more recently, cement and copper. In order to establish a private network, it even placed a bid and won the 5G telecom spectrum.
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