In a strategic move to strengthen its foothold in the media sector, billionaire Gautam Adani's conglomerate, the Adani Group, has increased its stake in IANS India Pvt Ltd, thereby securing full control of the news agency.
According to a regulatory filing, the Adani Group, through its flagship firm Adani Enterprises Ltd, has raised its shareholding from the initial 50.50% to 76% with voting rights and an overwhelming 99.26% without voting rights.
The transaction, amounting to a cash outlay of Rs 5 crore, was completed as part of the group's ongoing efforts to consolidate its media assets.
This move follows the Adani Group's initial acquisition of a 50.50% stake in IANS on December 15, 2023, for an undisclosed sum. The conglomerate has now further increased its equity by an additional 25.50%, consolidating its total stake with voting rights to 76%. Simultaneously, it has acquired an additional 48.76% equity, taking its stake without voting rights to an impressive 99.26%.
The allotment of the newly acquired shares was officially approved by the board of IANS at its meeting held on January 16, 2024, signalling the completion of the transaction.
"IANS is a subsidiary of AMNL," the filing stated. "The acquisition is of strategic nature in the interest of AMNL."
Adani Group, led by first-generation entrepreneur Gautam Adani, entered the media business in March of the previous year with the acquisition of Quintillion Business Media, the operator of the business and financial news digital media platform BQ Prime.
Subsequently, in December, the conglomerate secured a nearly 65% stake in the prominent broadcaster NDTV. AMG Media Networks Ltd (AMNL), a wholly-owned subsidiary of the Adani Group, served as the vehicle for both these acquisitions.
Adani, who began his journey as a commodities trader in 1988, has evolved into India's largest private player in infrastructure, boasting 13 ports and eight airports. Over the years, the Adani Group has diversified its interests to include coal production, energy distribution, data centres, and most recently, cement.