Adani takes control of news agency IANS with 50.5% stake
16 Dec 2023
Adani Group firm AMG Media Networks has acquired a 50.50 per cent stake in news agency Indo-Asian News Service Pvt Ltd (IANS), expanding the group’s presence in the media sector.
Adani Enterprises, the holding company of Adani Group, disclosed the equity transaction in a regulatory filing with the stock exchanges.
The acquisition was made through purchase of shares from IANS shareholder Sandeep Bamzai for Rs5.1 lakh, according to an exchange filing late on Friday.
The majority stake acquisition gives AMG Media operational and management control over IANS. It will also gain control over the board of directors through appointment of its representatives.
"All operational and management control of IANS will be with AMNL and AMNL will have the right to appoint all directors of IANS," the filing said.
"Pursuant to the acquisition as set out above, IANS is now a subsidiary of AMNL," it added.
Adani is now in control of three media networks, including NDTV, BQ Prime operated by Quintillion Business and IANS.
Adani entered the media business in March last year with the acquisition of Quintillion Business Media, which operates digital media platform BQ Prime that specialises in business and financial news. And, in December last year, the group acquired nearly 65 per cent stake in news channel NDTV.
IANS, originally started as India Abroad News Service by Indian Americans in the US was later renamed Indo-Asian News Service to cover all Asian diaspora. In the 1986 it became a full-fledged wire service.
IANS reported a turnover of Rs12 crore in FY23, Rs9.4 crore in FY22, and Rs10.3 crore in FY21, according to the filing.
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