The Adani Group announced on Sunday that it has acquired a 50.50% equity stake in news agency IANS, or Indo-Asian News Service.
In a regulatory filing, Adani Enterprises said that AMG Media Networks Ltd, or AMNL, acquired a majority stake in IANS at the cost of Rs 5.1 lakh.
“All operational and management control of IANS will be with AMNL and AMNL will have the right to appoint all directors of IANS,” the filing said.
Set up in April last year, AMNL is a wholly-owned subsidiary of Adani Enterprises.
Billionaire Gautam Adani’s entry into the media business started in March last year when his group acquired Quintillion Business Media, which runs the digital media platform BQ Prime. Later in December, the group acquired majority stakes in NDTV from the news channel’s founders Prannoy Roy and Radhika Roy.
IANS had a revenue of Rs 11.86 crore in the fiscal year 2022–23 and Rs 9.38 crore in 2021–22.
The agency, with its main office in Noida, was founded in 1986 by Gopal Raju, an Indian-American publisher.