Adani Group Increases Ownership in IANS News Agency

AMNL acquires majority stake in IANS

AMG Media Networks Limited (AMNL), a wholly owned subsidiary of Adani Enterprises, has increased its stake in IANS India Private Limited (IANS), one of India’s leading news agencies, by subscribing to fresh shares worth Rs 5 crore. The acquisition was announced on Wednesday, January 17, 2024.

According to a regulatory filing, AMNL has raised its ownership of IANS shares with voting rights to 76%, and nearly all non-voting shares, up from 50.5% each earlier. The transfer of shares was approved by the board of IANS at its meeting held on December 15, 2023.

Pursuant to the acquisition, IANS is now a subsidiary of AMNL. 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.

“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 stated.

Adani Group expands its media ventures

The IANS acquisition is Adani Group’s latest media venture, following the conglomerate’s purchase of 65% stake in news broadcaster NDTV in December 2022 and Quintillion Business Media, which operates business and financial news digital media platform BQ Prime, in March 2022.

Adani Group, led by billionaire Gautam Adani, is one of India’s largest diversified conglomerates with interests in ports, energy, airports, logistics, agribusiness, real estate and defence.

The group’s existing media assets, such as NDTV and BQ Prime, compete with Reliance Industries-owned broadcaster News18 and business news site Moneycontrol.

IANS, incorporated in India and registered with the Registrar of Companies, Delhi since December 26, 1994, boasts an authorised share capital of Rs 20 lakh, a paid-up share capital of Rs 10 lakh, and a turnover that has seen a steady increase over the last three years.

The turnover figures for the fiscal years ending in 2020-21, 2021-22, and 2022-23 stood at Rs 10.33 crore, Rs 9.39 crore, and Rs 11.86 crore, respectively.

IANS provides news coverage across various domains such as politics, business, sports, entertainment, health and lifestyle. It has a network of over 100 journalists across India and abroad.