Adani group has acquired a 50.5 per cent stake in newswire services provider IANS India Pvt Ltd for ₹5.1 lakh, further consolidating its presence in the media sector.
The acquisition was done through Adani Enterprises’ subsidiary AMG Media Networks, which signed an agreement with IANS and its shareholder Sandeep Bamzai, an exchange filing late on Friday said. AMG Media will have all the operational and management control of IANS and also the right to appoint all directors on its board, it added.
IANS or Indo-Asian News Service as it is called, was set up in 1986 originally to cater to the Indian diaspora in North America. About three decades later it changed its focus to India and South Asia and became a full-fledged wire agency. It reported a turnover of ₹12 crore in FY23, ₹9.4 crore in FY22 and ₹10.3 crore in FY21, the filing said.
With this acquisition, Adani owns three media properties – the NDTV network, Quintillion Business that operates business and financial news digital media platform BQ Prime, and now IANS.
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