Gautam Adani’s Adani Group Acquires Complete Ownership of IANS India Pvt Ltd
News revealed by the source of Reader Wall details that Adani Group, the multinational conglomerate under the leadership of Billionaire Gautam Adani, is to gain full ownership of IANS India Pvt Ltd. This move significantly boosts its involvement in the media sector, following the acquisition of NDTV.
Adani Group Increases its Stake
It is revealed that in December 2023, the Group purchased the majority stake in IANS, owning 50.50 percent of the company. Now the conglomerate has increased its share to 76 percent with voting rights and 99.26 percent without voting rights per the latest regulatory submission.
The Specifics of the Deal
The company document also highlights that a cash sum of ₹5 crores is involved in this deal. According to information released by the Adani Group, the board of IANS sanctioned the allocation of shares in a meeting held on January 16th, 2024.
The statement from Adani Enterprises Ltd reported “Further to our initial communication on December 15, 2023, we wish to disclose that AMG Media Networks Ltd, our wholly-owned subsidiary, has increased its stake in IANS India Private Limited by obtaining newly issued shares”.
It was on December 15 that Adani Group procured the controlling stake of IANS, purchasing shares equating to 50.50 percent for a sum that was not disclosed. A rise in equity shares of 25.50 percent has now taken the total stake with voting rights to 76 percent.
In addition to this, the corporation led by Gautam Adani obtained an additional shareholding of 48.76 percent, raising the company’s stake sans the voting rights to 99.26 percent, according to the files submitted to the regulators.
The Strategic Acquisition
The documents indicate that the procurement of IANS was carried out by the Adani Group’s media division, AMG Media Networks Limited. Citing the acquisition as strategically important, the document states that the move is significantly beneficial to AMNL.
Adani Group’s Media Endeavors
The Adani Group’s foray into the media business began in March of the previous year when it took over Quintillion Business Media. Quintillion Business Media is known for operating BQ Prime, a business and financial news digital media platform. The company then acquired close to 65 percent shares in broadcaster NDTV in December.
Reported by PTI
