Adani Enterprises raises stake in media agency IANS
Adani Enterprises on Wednesday announced that it has raised its stake in media agency IANS India by subscribing to fresh shares issued by the news agency worth Rs 5 crore.
Source: Facebook Photo
AMG Media Networks, a subsidiary of billionaire Gautam Adani's flagship firm Adani Enterprises has increased its ownership of IANS shares with voting rights to 76%.
Source: X Photo
It has gained nearly all non-voting shares, up from 50.5 per cent each earlier.
Source: Adani Group
The allotment of above shares was approved by the board of IANS at its meeting held on January 16, 2024, it added.
Source: X Photo
In December 2023, Adani Group had acquired a 50.5 per cent stake in the newswire agency, IANS India Pvt Ltd for Rs 5.1 lakh.
Source: ANI
The IANS acquisition is Adani's latest media venture, following the conglomerate's purchase of 65% stake in news broadcaster NDTV in December 2022 and Quintillion Business Media earlier that year.