Adani group acquires majority stake in new wires service, IANS
Owned by Indian billionaire Gautam Adani, AMG Media Networks will have operational control
Dubai: Adani group, through its media subsidiary AMG Media Networks Limited (AMNL), acquired 50.5 per cent stake in the news wires-service firm IANS, Indian media reported on Saturday quoting from a regulatory filing statement.
According to the filing, AMG Media Networks signed an agreement with IANS and and its shareholder Sandeep Bamzai for a cash consideration. The news service agency reportedly had a revenue of over Rs 118 million in the 2022-23 financial year.
Adani Enterprises, owned by Indian billionaire Gautam Adani, has made significant investments in media in India such as the NDTV news network and Quintillion Business.
Apart from media, the group has been making deals across the globe in diverse sectors.
Green hydrogen is one - Adani Enterprises was among the 21 bidders for the Indian government's grants to domestically manufacture electrolyzers, part of Prime Minister Narendra Modi's efforts to spur the energy transition. Reliance Industries Ltd. also bid for the same grants.