Adani Enterprises Acquires Majority Stake in IANS, Steps into Media Domain

Adani Enterprises Acquires Majority Stake in IANS, Steps into Media Domain

VoM News Desk | December 16, 2023 | 08:21 PM IST | Breaking News | Follow on Google News

Adani Enterprises Acquires Majority Stake in IANS, Steps into Media Domain

Adani Enterprises Acquires Majority Stake in IANS, Steps into Media Domain

Adani Enterprises, the flagship company of billionaire Gautam Adani’s conglomerate, has announced its acquisition of a controlling stake in the news agency Indo-Asian News Service (IANS).

By purchasing a 50.5% stake for Rs 5,10,000 ($6,140), Adani Enterprises will take over complete operational and managerial responsibilities of IANS, as stated in the conglomerate’s official statement. During the 2022/23 fiscal year, IANS reported a revenue exceeding Rs 118.6 million.

This move signifies the Adani group’s strategic intent to strengthen its foothold in the media sector.

Notably, this isn’t the group’s initial foray into media; it ventured into the industry in March of the previous year through the acquisition of Quintillion Business Media.

This acquisition encompassed BQ Prime, a digital media platform dedicated to business and financial news.

Subsequently, in December 2022, the Adani conglomerate secured nearly a 65% stake in the renowned broadcaster NDTV.

With the recent acquisition of a controlling stake in IANS, Adani Enterprises underscores its continued expansion and consolidation within the media landscape, broadening its portfolio and market presence within the industry.

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VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.