Acquisitions & Mergers

The Adani Group buys the bulk of IANS News Agency

By Admin - 18 Jan 2024 01:10 PM

Adani Group announced on last Friday that it has purchased a 50.50 percent ownership in news agency IANS India Private Limited through its fully owned subsidiary, AMG Media Networks Limited (AMNL).

According to the Share Purchase Agreement dated December 15, 2023, this majority stake is made up of Equity Shares (Category I shares with voting rights) and Equity Shares (Category II shares without voting rights) of IANS India Private Limited (IANS), each, the company announced through an exchange filing.

Adani first entered the media industry in March of last year when it bought Quintillion Business Media, the company behind the digital news platform BQ Prime for business and finance. After that, in December, it acquired over 65% of the broadcaster NDTV.

According to the petition, AMNL would have complete operational and managerial control over IANS, and it will also have the authority to name all of the organization's directors.

IANS is currently an AMNL subsidiary as a result of the aforementioned acquisition." Adani, a first-generation businessman, began his career as a commodities trader in 1988 before growing his company to become the biggest private infrastructure player in India, owning 13 ports and 8 airports. Its operations have expanded over time to include the production of coal, energy distribution, data centers, and, more recently, cement and copper. In order to establish a private network, it even placed a bid and won the 5G telecom spectrum.