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.
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.
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.”
“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.
“Pursuant to the acquisition as set out above, IANS is now a subsidiary of AMNL.”