The IANS acquisition is Adani's latest media venture, following the conglomerate's purchase of 65% stake in NDTV in December 2022.
The media arm of India's Adani Group on Wednesday said it increased its stake in IANS India by subscribing to fresh shares issued by the news agency worth ₹5 crore ($601,801).
AMG Media Networks, a unit of Indian billionaire Gautam Adani's flagship firm Adani Enterprises has increased its ownership of IANS shares with voting rights to 76%, and nearly all non-voting shares, up from 50.5% each earlier.
“...we would like to inform that AMG Media Networks Limited (AMNL), a wholly owned subsidiary of the Company has increased its stake in IANS India Private Limited (IANS), by subscribing to fresh shares issued by IANS,"
Adani Enterprises said in a regulatory filing.
The IANS acquisition, announced in December, is Adani's latest media venture, following the conglomerate's purchase of 65% stake in news broadcaster NDTV in December 2022 and Quintillion Business Media earlier that year.
Adani had initially acquired a 50.5% stake in IANS.
The group's existing media assets, such as NDTV and NDTV Profit competes with Reliance Industries-owned broadcaster News18 and business news site Moneycontrol.
Source: The Hindu
