Adani Group acquires IANS after NDTV, BQ Prime

Adani Group acquires IANS after NDTV, BQ Prime

AMG Media Network took over IANS with a 50.5 per cent stake.

Gautam Adani

Mumbai: Adani Group acquired the IANS wired news service agency as reported by PTI. Adani subsidiary AMG Media Network has taken control by purchasing a 50.5 per cent stake in IANS. Infrastructure conglomerate Adani Group now shifted its focus on Adani's venture into the media business strategically. AMG Media Network subsidiary of Adani Group garnered a new feather in its cap after acquiring NDTV, a Quintillion Business news network (BQ Prime).

As per regulatory filings, the Adani group acquired a stake of equity shares with an agreement with IANS and its shareholder Sandeep Bamzai. IANS (Indo-Asian News Service) is a network-wired news agency in India, South Asia, Africa, and North America. In the last decade, IANS shifted focus to the Indian news verticals.

As filing mentioned , AMG media shareholders had signed an agreement with Sandeep Bamzai and IANS. In the financial year 2023, IANS had a turnover of around 11.86 crores. Despite the loss of 100 billion dollars due to short selling, the Hindenburg report stated irregularities in Adani's financial irregularities.

According to filings company management and control will be managed by AMG. Along with the right to appoint a board of directors. Allegedly IANS faced financial difficulty for day-to-day functioning. IANS media agency has more than 200 employees headquartered in New Delhi.

Over the years Adani Group has diversified its portfolio into producing coal, energy distribution, mining, ports infrastructure, data centers, and more recently into cement and copper and now into media. The acquisition amount of IANS is not disclosed.