Adani Enterprises shares are likely to be in focus on Monday after the Adani Group announced its acquisition of a 50.5% stake in the newswire agency IANS India Pvt Ltd for ₹5.1 lakh, marking another significant move in the media sector.
What Happened? The acquisition, disclosed in a regulatory filing by Adani Enterprises, was executed through its subsidiary, AMG Media Networks Ltd.
AMG Media Networks signed an agreement with IANS and its shareholder Sandeep Bamzai, granting it control over IANS’ operations and management. This deal allows AMG Media to appoint all directors to the IANS board.
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IANS, known as Indo-Asian News Service, initially catered to the Indian diaspora in North America before shifting focus to India and South Asia in the 1970s, evolving into a comprehensive wire service. The company reported turnovers of ₹12 crore, ₹9.4 crore, and ₹10.3 crore in FY23, FY22, and FY21, respectively.
The Adani Group’s media venture began in March last year with the acquisition of Quintillion Business Media, which operates the BQ Prime (now NDTV Profit) digital media platform. In December, it reportedly took a nearly 65% stake in broadcaster NDTV. With the addition of IANS, Adani now oversees three media projects: NDTV network, Quintillion Business Media, and IANS.
Price Action: Adani Enterprises Ltd. shares were trading 0.24% lower at ₹2983.15 at market open on Monday.
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