Billionaire Gautam Adani’s group has acquired a majority stake in news agency IANS India for an undisclosed sum as the group expands its presence in the media space. 

In a regulatory filing, Adani Enterprises – the company that holds the group’s media interest – has said that its subsidiary, “AMG Media Networks Ltd (AMNL), has acquired a 50.50 per cent stake, constituting equity shares of IANS India Pvt Ltd”. The company has not disclosed the acquisition price. 

Adani Enterprises had forayed into media business in March last year when it had acquired Quintillion Business Media, which operates business and financial news digital media platform BQ Prime. It thereafter in December had taken a nearly 65 per cent stake in broadcaster NDTV. 

AMNL was the vehicle for these acquisitions as well. 

In the filing, the company has said: “AMNL has also signed a shareholders’ agreement with IANS and Sandeep Bamzai, a shareholder of IANS, to record their inter-se rights with respect to IANS.” IANS had revenue of Rs 11.86 crore in 2022-23. 

“All operational and management control of IANS will be with AMNL, and AMNL will have the right to appoint all directors of IANS,” the filing has said. 

“Pursuant to the acquisition as set out above, IANS is now a subsidiary of AMNL.” A first-generation entrepreneur, Mr Adani started off as a commodities trader in 1988 and expanded his business interests to become India’s largest private player in infrastructure, with 13 ports and eight airports. Over the years, it has diversified into producing coal, energy distribution, data centres and, more recently, into cement and copper. It even bid and acquired 5G telecom spectrum to set up a private network.