The media arm of India’s Adani Group said it increased its stake in IANS India by subscribing to fresh shares issued by the news agency worth Rs 5 crore ($601,801).
AMG Media Networks, a unit of Indian billionaire Gautam Adani’s flagship firm Adani Enterprises has increased its ownership of IANS shares with voting rights to 76%, and nearly all non-voting shares, up from 50.5% each earlier.
The IANS acquisition, announced in December, is Adani’s latest media venture, following the conglomerate’s purchase of 65% stake in news broadcaster NDTV in December 2022 and Quintillion Business Media earlier that year.
Adani had initially acquired a 50.5% stake in IANS for Rs 5,10,000
The group’s existing media assets, such as NDTV and NDTV Profit competes with Reliance Industries-owned broadcaster News18 and business news site Moneycontrol.