By News Desk
Billionaire Gautam Adani’s group has increased its stake in IANS India Pvt Ltd, acquiring full control of the news agency as part of its efforts to consolidate its media presence. Adani Group had previously obtained a 50.50 percent stake in IANS last month and has now raised its shareholding to 76 percent with voting rights and 99.26 percent without voting rights, as stated in a regulatory filing. This transaction has resulted in a cash outflow of Rs 5 crore.
Adani Enterprises Ltd, the flagship firm of the Adani Group, stated in the filing, “In continuation to our earlier intimation dated December 15, 2023, we would like to inform that AMG Media Networks Ltd (AMNL), a wholly-owned subsidiary of the company, has increased its stake in IANS India Private Limited by subscribing to fresh shares issued by IANS.” The allotment of shares was approved by the board of IANS during its meeting held on January 16, 2024.
After the undisclosed acquisition of a 50.50 percent stake in IANS in December 2023, Adani Group has now acquired an additional 25.50 percent equity shares. Consequently, its total stake with voting rights stands at 76 percent, and without voting rights at 99.26 percent, it confirmed.
IANS has an authorized share capital of Rs 11 crore and recorded a revenue of Rs 11.86 crore in FY23. The filing clarified, “IANS is a subsidiary of AMNL. The acquisition is of strategic nature in the interest of AMNL.”
Adani entered the media business in March last year when it acquired Quintillion Business Media, the operator of the business and financial news digital media platform BQ Prime. Later in December, it acquired nearly 65 percent stake in broadcaster NDTV. All of these acquisitions were carried out through AMNL.
Gautam Adani, a first-generation entrepreneur, commenced his career as a commodities trader in 1988. Since then, he has expanded his business interests, becoming India’s largest private player in infrastructure, with 13 ports and eight airports. Over the years, the group diversified into various industries, including coal production, energy distribution, data centers, and recently ventured into cement and copper production. Adani even secured and acquired 5G telecom spectrum to establish a private network.