Multinational company Adani Enterprises on Wednesday said it has set up a wholly-owned subsidiary for media business.
In a filing to the Bombay Stock Exchange and the National Stock Exchange, Adani Enterprises said that it incorporated the new company – AMG Media Networks Limited – on April 26. The new company will carry out the “publishing, advertising, broadcasting, distributing, etc of content over different types of media networks”, according to the filing.
AMG Media Networks will start its business operations in due course, said Adani Enterprises, which is a subsidiary of the Adani Group.
The newly-founded media company has three directors – Adani Enterprises director Pranav Adani, Media Initiatives Chief Executive Officer Sanjay Pugalia and the Adani Group’s Chief Technology Officer Sudipta Bhattacharya, The Indian Express reported.
On March 1, media firm Quint Digital Media Limited announced that the Adani Group will take a minority stake in Quintillion Business Media Private Limited, an indirect subsidiary of the company, Newslaundry reported. Quintillion Business Media runs news website Bloomberg Quint in India.
Quint Digital, however, said that transaction pertained only to QBM, and not other digital properties such as The Quint and The News Minute.
At the time, Pugalia who is veteran journalist and former president of Quint Digital Media, had said that the development marked a strong beginning for the Adani Group’s foray into the Indian media sector.
“Adani Media Ventures intends to lead the path for new age media across different platforms,” he had said. “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.”