In a strategic move, the Adani Group has acquired a 50.5% stake in Indo-Asian News Service (IANS) India Pvt Ltd for ₹5.1 lakh, as revealed in a regulatory filing on December 15, 2023. Adani Enterprises, overseeing the group’s media interests, conveyed that its subsidiary, AMG Media Networks Ltd, completed the acquisition, bolstering Adani’s presence in the media sector.
The subsidiary, AMG Media Networks, formalized the deal with IANS and its shareholder, Sandeep Bamzai. The agreement places IANS’ operations and management under the control of AMG Media Networks, allowing the company to appoint all directors to IANS’ board. This acquisition follows Adani’s entry into the media business in March of the previous year with the acquisition of Quintillion Business Media, the operator of the BQ Prime business and financial news digital media platform. Additionally, in December, Adani secured nearly a 65% stake in the broadcaster NDTV.
Established in 1986, IANS initially served the Indian diaspora in North America before shifting its focus to India and South Asia, becoming a comprehensive wire service. According to the filing, IANS reported turnovers of ₹12 crore in FY23, ₹9.4 crore in FY22, and ₹10.3 crore in FY21.
Adani’s media ventures now include the NDTV network, Quintillion Business (operator of BQ Prime), and the recent addition of IANS. Led by billionaire Gautam Adani, the conglomerate plans to invest ₹7 trillion ($84 billion) in infrastructure over the next decade, aligning with its ambitious growth strategy. Despite challenges earlier in the year, when the group faced market value losses following corporate fraud allegations, the move into media signifies Adani’s diversified interests spanning infrastructure, energy, and now a notable presence in the media landscape.