Adani Group on Friday announced that AMG Media Networks Limited (AMNL), a wholly-owned subsidiary of the company, has acquired 50.50 percent stake in news agency IANS India Private Limited.

This majority shareholding consists of equity shares (Category I shares – with voting rights) and equity shares (Category II shares – non-voting rights) each of IANS India Private Limited (IANS) pursuant to the share purchase agreement dated December 15, 2023 of the company announced through a stock exchange filing.

The transfer of shares in connection with the acquisition was approved by the Board of Directors of IANS at its meeting on December 15, 2023. With the acquisition, IANS is now a subsidiary of AMNL.

In the filing, the company further said, “AMNL has also entered into a shareholders’ agreement with IANS and Sandeep Bamzai, a shareholder of IANS, to record their intersequential rights with respect to IANS.”

IANS is incorporated in India and registered with the Delhi Companies Register since December 26, 1994. The company has an authorized share capital of Rs 20,00,000, paid-up share capital of Rs 10,00,000 and a turnover of more than 10,000 steadily increasing in the last three years.

The revenue figures for the financial years ended 2020-21, 2021-22 and 2022-23 stood at Rs 10,33,13,613, Rs 9,38,66,571 and Rs 11,86,12,310 respectively.

“All operational and management control of IANS will rest with AMNL and AMNL will have the right to appoint all directors of IANS,” the stock exchange filing added.

In March last year, Adani ventured into the media business with the acquisition of Quintillion Business Media, which operates the digital media platform for business and financial news BQ Prime. It then took over almost 65 percent of the shares in the broadcaster NDTV in December.

AMNL was also the vehicle for these acquisitions.

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