Adani acquires 50.5% stake in IANS, making presence stronger in media sector

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.

Shivangini
First Published16 Dec 2023, 02:01 PM IST
IANS, or Indo-Asian News Service, was founded in 1986 to serve the Indian diaspora in North America.
IANS, or Indo-Asian News Service, was founded in 1986 to serve the Indian diaspora in North America.(Photo: Reuters)

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."

Adani Enterprises' subsidiary AMG Media Networks signed an agreement with IANS and its shareholder Sandeep Bamzai to acquire the news organization, according to an exchange filing late on Friday. IANS' operations and management will be under the control of AMG Media, and the company will be able to appoint all directors to its board of directors.

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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First Published:16 Dec 2023, 02:01 PM IST
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