Adani Group set to acquire remaining 51% stake in Quintillion Business Media

Adani Enterprises is set to acquire the remaining 51 per cent stake in Quintillion Business Media, which operates the digital business news platform BQ Prime, the company said in a regulatory filing on Monday. With this, Raghav Bahl's Quintillion will become a wholly-owned subsidiary of Adani group's AMG Media Networks. 

The filing stated that the board of AMG Media Networks "has approved to enter into a binding memorandum of undertaking (MoU) with Quintillion Media Ltd for the acquisition of remaining 51 per cent stake" in the firm.

The group had acquired a 49% stake in Quintillion for Rs 47.84 crore ($5.75 million) in March last year, marking Adani's debut into the Indian news sector. This was followed by his acquisition of an almost 65% stake in NDTV in December.

Formerly known as Bloomberg Quint, BQ Prime was initially established as a collaboration between the US news agency Bloomberg Media and India's Quintillion Media. However, Bloomberg exited that partnership in in March last year.