Adani acquires 50.5% stake in news agency IANS

In a regulatory filing, Adani Group declared that AMG Media Networks Limited, a wholly owned subsidiary of the company (AMNL) has acquired a 50.50% stake of IANS India. The company will get equity shares both with and without voting rights.

The transfer of shares were approved by the Board of IANS in a meeting held on December 15, 2023. 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.

As mentioned in the filing, all operational and management control of IANS will be with AMNL and AMNL will have the right to appoint all directors of IANS.

Adani Group has expanded its footprint with the acquisition in the media sector as it already owns 64.71% stake in NDTV. Previously, Adani Group acquired Quintillion Business Media that operates BQ Prime, a news digital media platform.

Indo-Asian News Service (IANS) was established in 1986 to cater to the Indian diaspora in North America. However, in the 1970s, it redirected its attention to India and South Asia, evolving into a comprehensive wire service.