Adani Group to buy a minority stake in Raghav Bahl's firm
Raghav Bahl's Quintillion Business Media Pvt Ltd is going to be acquired by Adani Group for a minority stake. Quint Digital's planned deal with the Adani Group is just for QBM, a digital business news platform, and not for any of Quint Digital's other digital media or media tech businesses, such as The Quint, Quintype Technologies, thenewsminute, or Youthkiawaaz.
Sanjay Pugalia, CEO of Adani Media Ventures Limited, commented, "Adani Media Ventures intends to lead the path for new age media across different platforms. The adoption of technology and the increased ability of our nation to consume information has dramatically transformed the way media is expected to disseminate authentic information. This is exactly what Adani Media Ventures aims to do. I have had the privilege of working with QBM’s talented, credible and diverse team. This relationship between AMV and QBM marks a strong beginning of Adani Group’s foray into Indian media.”
QBM is a business and financial news organisation that also runs India's top business news portal. Through its platform Bloomberg | Quint, QBM's major content focuses on the Indian economy, international finance, corporate law & governance, and business news, among other things. Bloomberg Television Production Services India Private Limited has a content agreement in place.
“We are delighted to welcome the Adani Group as an investor in QBM. Given the proven execution record of the Adani group, their support to fulfill the ambitions of QBM will lay the foundation for accelerating the growth of the business and scale of QBM’s high quality content for the Indian audiences,” said Anil Uniyal, QBM's CEO.
The transaction with the Adani Group is subject to routine due diligence and final papers, among other things.