Adani group’s AMG Media Networks Ltd. acquires 50.5% stake in IANS

Adani Group-owned AMG Media Networks Ltd. has acquired a majority stake in the news agency IANS India Pvt. The acquisition involves a 50.5% stake in IANS India, which includes both equity shares with voting rights and without voting rights. Following the acquisition, IANS will operate as a subsidiary of AMNL.
Additionally, AMNL has entered into a shareholders' agreement with IANS and Sandeep Bamzai, a shareholder of IANS, to document their respective rights concerning IANS.
The acquisition is described as strategic, indicating that AMNL has a specific plan or purpose behind acquiring IANS. It's worth noting that IANS, the news agency being acquired, has an authorized share capital of Rs 20 lakh and reported a turnover of Rs 11.86 crore for fiscal 2023.
With this acquisition, IANS is now officially recognized as a subsidiary of AMNL. Gautam Adani, the founder of Adani Enterprises, began as a commodities trader in 1988 and has since diversified the business into diverse sectors, making it the largest private player in Indian infrastructure, encompassing ports, airports, coal production, energy distribution, data centers, and more recently, ventures into cement and copper. Notably, Adani Enterprises also secured 5G telecom spectrum for the establishment of a private network.