Adani purchases the bulk of IANS News Agency

 Adani purchases the bulk of IANS News Agency

Adani purchases the bulk of IANS News Agency

Adani, a first-generation businessman, began his career in 1988 as a commodities trader and developed his ventures to become the biggest private infrastructure player in India, owning 13 ports and eight airports.

Following this, it acquired around 65% of the broadcaster NDTV in December.

As the conglomerate increases its footprint in the media, billionaire Gautam Adani's company has purchased a controlling share in news agency IANS India Pvt Ltd for an unknown sum. The company that owns the group's media assets, Adani Enterprises, said in a regulatory filing that one of its subsidiaries, "AMG Media Networks Ltd, has acquired 50.50 per cent stake in the equity shares of IANS India Pvt Ltd."

The purchase price was not disclosed by the corporation. When Adani bought Quintillion Business Media, the company that runs the digital media platform BQ Prime for business and financial news, in March of last year, it made its first step into the media industry. Following this, it acquired around 65% of the broadcaster NDTV in December. The acquisition vehicle for these deals was AMNL as well. "AMNL has signed a shareholder agreement alongside IANS and IANS shareholder Sandeep Bamzai to record its shared entitlements in respect of IANS," the document said.

For the fiscal year 2022–2023 (April 2022–March 2023) IANS earned Rs 11.86 crore. "The entire operational and management control of IANS will vest alongside AMNL and AMNL will have the right to appoint all the directors of IANS," the document said. "Pursuant to the acquisition set out above, IANS is now a subsidiary of AMNL." Adani, a first-generation businessman, began his career in 1988 as a commodities trader and developed his ventures to become the biggest private infrastructure player in India, owning 13 ports and eight airports. Its portfolio has expanded over the years to include coal, data centers, energy distribution, and, more recently, the manufacturing of cement and copper.

In order to build a private network, it also placed a bid for and won the 5G telecom spectrum. Adani, a first-generation businessman, began his career in 1988 as a commodities trader and developed his ventures to become the biggest private infrastructure player in India, owning 13 ports and eight airports.