Adani Enterprises, the flagship company of billionaire Gautam Adani’s conglomerate, has successfully acquired a majority stake in news agency IANS India Pvt Ltd. The acquisition, carried out by Adani’s media subsidiary, AMG Media Networks Ltd (AMNL), involves a purchase of a 50.50% equity stake in IANS, though the specific financial details remain undisclosed.
This latest development follows Adani’s entry into the media business in March of the previous year, marked by the acquisition of Quintillion Business Media, the parent company of the business and financial news digital media platform BQ Prime.
Furthering its expansion, the Adani Group, in December, secured a substantial 65% stake in NDTV, a prominent broadcasting network.
AMNL, acting as the driving force behind these strategic acquisitions, has solidified its control over IANS through a newly signed shareholders’ agreement with the news agency and one of its major shareholders, Sandeep Bamzai. The agreement delineates the rights and responsibilities of the involved parties.
The regulatory filing from Adani Enterprises stated, “All operational and management control of IANS will be with AMNL, and AMNL will have the right to appoint all directors of IANS.” Consequently, IANS is now officially designated as a subsidiary of AMNL.
Gautam Adani, a first-generation entrepreneur, initiated his business journey as a commodities trader in 1988. Since then, he has transformed the Adani Group into India’s largest private player in the infrastructure sector, boasting 13 ports and eight airports. The conglomerate has diversified its portfolio over the years, engaging in activities ranging from coal production, energy distribution, and data centres to recent ventures in cement, and copper, and even securing the 5G telecom spectrum for the establishment of a private network.
IANS reported a revenue of Rs 11.86 crore in the fiscal year 2022-23 (April 2022 to March 2023), further indicating Adani’s strategic push into the media landscape as a significant aspect of the conglomerate’s expansion plans.