New Delhi: The Adani Group announced that its wholly-owned subsidiary, AMG Media Networks Limited (AMNL), has acquired a 50.50% stake in the news agency IANS India Private Limited. This majority stake includes both Equity Shares (Category I shares with voting rights) and Equity Shares (Category II shares without voting rights) of IANS. The acquisition was carried out in accordance with a Share Purchase Agreement dated December 15, 2023, as per the company’s exchange filing.
The Board of IANS approved the transfer of shares related to the acquisition during its meeting on December 15, 2023. Consequently, IANS has now become a subsidiary of AMNL. In addition, AMNL has entered into a shareholders’ agreement with IANS and Sandeep Bamzai, a shareholder of IANS, to document their respective rights concerning IANS.
IANS, established in India and registered with the Registrar of Companies in Delhi since December 26, 1994, has an authorized share capital of Rs 20,00,000, a paid-up share capital of Rs 10,00,000, and has witnessed a consistent increase in turnover over the past three years. The turnover figures for the fiscal years ending in 2020-21, 2021-22, and 2022-23 were Rs 10,33,13,613, Rs 9,38,66,571, and Rs 11,86,12,310, respectively.
The filing emphasized that AMNL will exercise all operational and management control over IANS, including the right to appoint all directors of IANS.
This move follows Adani Group’s entry into the media business last year with the acquisition of Quintillion Business Media, which operates the BQ Prime business and financial news digital media platform. Subsequently, in December, the group acquired a nearly 65% stake in the broadcaster NDTV. AMNL played a key role in these acquisitions as well. With the addition of IANS, Adani Group now oversees three media projects: the NDTV network, Quintillion Business, and IANS.
Despite facing corporate fraud allegations by the US short-seller Hindenburg earlier this year, Adani Group is set to invest ₹7 trillion ($84 billion) in infrastructure over the next decade. This investment mirrors the substantial market value lost by the conglomerate since the fraud allegations surfaced.