In a strategic move, the Adani Group has announced that its subsidiary, AMG Media Networks Limited (AMNL), has successfully acquired a substantial 50.50% stake in the prominent Delhi-based news agency, Indo-Asian News Service (IANS).
This significant acquisition, as disclosed in the company’s official filing, includes both Equity Shares (Category I shares – with voting rights) and Equity Shares (Category II shares – without voting rights) of IANS India Private Limited.
The transaction was carried out in accordance with the Share Purchase Agreement dated December 15, 2023.
The Board of IANS gave their nod to the transfer of shares during a meeting held on the same day, marking the formal approval of this strategic move.
Following the completion of the acquisition, IANS is now officially a subsidiary of AMNL.
According to the company’s official statement, “AMNL has also signed a shareholders’ agreement with IANS and Sandeep Bamzai, a shareholder of IANS, to record their inter-se rights with respect to IANS.”
IANS, a news agency incorporated in India on December 26, 1994, has an authorized share capital of Rs 20,00,000, a paid-up share capital of Rs 10,00,000, and has exhibited consistent growth in turnover over the last three fiscal years.
The turnover figures for the fiscal years ending in 2020-21, 2021-22, and 2022-23 were Rs 10,33,13,613, Rs 9,38,66,571, and Rs 11,86,12,310, respectively.
With this acquisition, AMNL assumes complete operational and management control of IANS, including the authority to appoint all directors of the news agency.
Adani and the Business of Media
This move follows Adani’s entry into the media business last year, marked by the acquisition of Quintillion Business Media, operating the BQ Prime digital media platform.
Subsequently, in December, the group acquired a nearly 65% stake in the prominent broadcaster New Delhi Television (NDTV).
AMNL has been the driving force behind these media acquisitions, positioning IANS as a subsidiary, parallel to NDTV. This development comes almost a year after the Adani Group’s notable takeover of NDTV.
Despite these acquisitions, reports suggest a decline in NDTV’s digital viewership over the past year, attributed to management changes, new anchors, and shifts in content strategy. According to Newslaundry, NDTV India’s views decreased by over 54%, from 98 million to 45 million in December, post the takeover.
The decline coincided with visible signs of a newsroom exodus, starting with the departure of key figures like the Roys and senior journalist Ravish Kumar.
The tycoon
Gautam Adani, a first-generation entrepreneur who initially began as a commodities trader in 1988, has diversified his business interests over the years.
From becoming India’s largest private player in the infrastructure, with 13 ports and eight airports, to venturing into coal production, energy distribution, data centres, and more recently, into cement and copper.
The group even secured 5G telecom spectrum, reflecting its ambition to establish a private network in the telecom sector.
This latest move to acquire a majority stake in IANS further solidifies Adani’s expanding influence in the media landscape.
