Another media company in Adani’s kitty, these are the details of the deal

The dominance of billionaire Gautam Adani Group is increasing in the media sector. Adani Group has acquired a majority stake in news agency IANS India Private Limited. In the information given to the stock market, the leading company of the group – Adani Enterprises said that its subsidiary AMG Media Networks Limited has acquired 50.50 percent stake in the equity shares of IANS India Private Limited. However, the company has not disclosed the acquisition price.
What the group said: “AMNL has signed a shareholders agreement with IANS and Sandeep Bamzai, a shareholder of IANS, to record its mutual rights in respect of IANS,” Adani Group said in a stock exchange filing. Adani Group further said – AMNL will have all operational and management control of IANS and AMNL will have the right to appoint all the directors of IANS.
Adani had entered the media business in March last year. The group announced the acquisition of Quintillion Business Media. It is operated by digital media platform BQ Prime. After this, in December it took about 65 percent stake in broadcaster NDTV. IANS’s revenue in the financial year 2022-23 (April 2022 to March 2023) was Rs 11.86 crore.
Apart from media, in the last few years, Adani Group has increased its activity in coal, energy distribution, data centers and recently in cement and copper production. It also bid for and acquired 5G telecom spectrum to set up a private network.
Bullish atmosphere in shares: Let us tell you that the shares of Adani Group company Adani Enterprises closed at Rs 2990.25 on Friday. The stock registered a rise of 3.32% compared to the previous day. In the last few days, the shares of all the group companies are in high spirits.