The Adani Group expanded its media sector consolidation on December 15, 2023. When it disclosed, according to a regulatory filing, that it had purchased a 50.5% share in newswire agency IANS India Private Ltd for ₹5.1 lakh.
ADANI GROUP intake IANS
The company that owns the group’s media business, Adani Enterprises, stated in a regulatory filing that one of its subsidiaries, “AMG Media Networks Ltd, has bought a 50.50 per cent stake constituting equity shares of IANS India Private Ltd.”
An exchange filing late on Friday stated that AMG Media Networks, a subsidiary of Adani Enterprises, had entered into an acquisition deal with IANS and its shareholder, Sandeep Bamzai. AMG Media will be in charge of IANS’ management and operations, and it will have the authority to name every director to the board of directors.
To support the Indian diaspora in North America, the Indo-Asian News Service (IANS) was established in 1986. It turned its attention to South Asia and India in the 1970s and developed into a full-fledged wire service. The firm recorded a turnover of ₹12.3 crore in FY23, ₹9.4 crore in FY22, and ₹10.3 crore in FY21, per the filing.
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 step into the media industry. Following that, according to media sources, it acquired roughly 65% of the broadcaster NDTV in December.
“AMNL has additionally signed a shareholders’ agreement with IANS and Sandeep Bamzai, a shareholder of IANS, to record their inter-se rights with respect to IANS,” the document stated.
Adani will be working on three media initiatives following this development: IANS, Quintillion Business, which runs the digital media platform BQ Prime for business and financial news, and the NDTV network.
Over the next ten years, Adani Group intends to invest ₹7 trillion ($84 billion) in infrastructure, matching the amount that the Indian conglomerate owned by billionaire Gautam Adani has lost in market value since a US short-seller accused it of corporate fraud earlier this year, as previously reported by Mint.
Adani Group Purchased NDTV
The Adani Group , which last year purchased NDTV, has now expanded its media presence by acquiring a controlling share in news agency Indo-Asian News Service (IANS) for an unknown amount.
According to a regulatory filing made by Adani Enterprises, its subsidiary AMG Media Networks Ltd (AMNL) purchased equity shares of IANS India Private Ltd for fifty percent of the company, PTI said.
The Adani Group stated in a regulatory filing that “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.”
The news organization disclosed that their income for the fiscal year 2022–2023 (April 2022 to March 2023) was ₹11.86 crore. According to the petition, AMNL would have complete operational and managerial control over IANS, including the authority to name all of the company’s directors.
“Pursuant to the acquisition as set out above, IANS is now a subsidiary of AMNL,” the filing added.
Adani Group Stakes in Media Sector
Quintillion Business Media, which runs the digital news portal BQ Prime for business and finance, was previously bought by Adani Group. The broadcaster NDTV was bought by the business group in the previous year.
Adani now controls about 65 percent of the news network after the NDTV founders gave him the majority of their firm shares. According to regulatory papers made by the news media network located in Delhi, Radhika and Prannoy Roy sold a 27.26% share in NDTV to an Adani-owned business, giving it a 64.71% ownership position. After an open bid and a prior purchase of the founders’ business, Adani already owned more than 37% of NDTV.