India’s Adani group to acquire controlling stake in news agency IANS

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MUMBAI (Dec. 16, 2023) – Adani Enterprises, Indian billionaire Gautam Adani’s flagship firm, said on Saturday it had acquired a majority stake in news agency Indo-Asian News Service or IANS as the conglomerate tries to consolidate its media presence.

The Adani group said in a statement that upon acquiring a 50.5% stake for 510,000 rupees ($6,140), it would assume full operational and management control of IANS.

The news agency reported a revenue of over 118.6 million rupees in the 2022/23 financial year.

Adani entered the media industry in March last year by acquiring Quintillion Business Media, which operates business and financial news digital media platform BQ Prime. Later in December 2022, it acquired almost a 65% stake in the broadcaster NDTV.

($1 = 83.0200 Indian rupees)