According to a regulatory filing by Adani Enterprises, the entity overseeing the group’s media endeavors, it has been disclosed that the subsidiary, AMG Media Networks Ltd, has successfully procured a 50.50% stake, comprising equity shares, in IANS India Pvt Ltd.
On December 15, 2023, the Adani Group declared its acquisition of a 50.5% stake in the newswire agency IANS India Pvt Ltd for ₹5.1 lakh, further solidifying its presence in the media sector, as per a regulatory filing.
As outlined in the regulatory filing by Adani Enterprises, the entity overseeing the group’s media interests, its subsidiary “AMG Media Networks Ltd” has successfully purchased a 50.50% stake comprising equity shares in IANS India Pvt Ltd.
Adani Enterprises’ subsidiary, AMG Media Networks, formally entered into an agreement with IANS and its shareholder, Sandeep Bamzai, for the acquisition of the news organization, as indicated in a late Friday exchange filing. AMG Media will assume control of IANS’ operations and management, with the authority to appoint all directors to its board.
Founded in 1986 to serve the Indian diaspora in North America, IANS, or Indo-Asian News Service, shifted its focus to India and South Asia in the 1970s, evolving into a comprehensive wire service. The regulatory filing reveals that the company reported turnovers of ₹12 crore in FY23, ₹9.4 crore in FY22, and ₹10.3 crore in FY21.
Adani had ventured into the media business in March of the previous year by acquiring Quintillion Business Media, the operator of the business and financial news digital media platform BQ Prime. Subsequently, in December, it acquired nearly a 65% stake in broadcaster NDTV, according to media reports.
The filing notes, “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.”
Following this development, Adani will have three media projects: the NDTV network, Quintillion Business, which operates the business and financial news digital media platform BQ Prime, and now IANS.
The Adani Group plans to invest ₹7 trillion ($84 billion) in infrastructure over the next decade, a figure comparable to the amount the conglomerate, owned by billionaire Gautam Adani, has lost in market value since facing corporate fraud allegations by a US short-seller earlier this year.