Adani Group takes over news agency IANS
New Delhi: Adani Group has acquired a majority 50.50% stake in New Delhi-based news agency IANS India Pvt Ltd (IANS), according to a regulatory filing by the business conglomerate.
Adani group flagship company Adani Enterprises said that its wholly-owned subsidiary AMG Media Networks (AMNL) acquired a 50.50% stake on 15th December 2023 in accordance with the share purchase agreement of the same date.
IANS's authorised share capital is Rs 20 lakh while paid-up share capital is Rs 10 lakh. Its turnover was Rs 11.86 crore in the financial year 2022-23.
The regulatory filing showed the cost of acquisition or the price at which the shares were acquired at Rs 5.10 lakh.
"The transfer of shares related to the acquisition were approved by the Board of IANS at its meeting held on Friday," the regulatory filing said.
It further said that 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."
The terms of the agreement stated that all operational and management control of IANS will now be with AMNL and the acquirer will have the right to appoint all directors of IANS.
Adani Group said that the acquisition is of strategic nature in the interest of AMNL.
Adani Group had in 2022 acquired NDTV and with the acquisition of IANS, it has expanded its media presence.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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