India's Adani Group raises stake in news agency IANS (updated)

Network18 Media & Investments

17/01/2024 03:36

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       BENGALURU, Jan 17 (Reuters) - 
    The media arm of India's Adani Group on Wednesday said it
increased its stake in IANS India by subscribing to fresh shares
issued by the news agency worth 50 million rupees ($601,801).
    AMG Media Networks, a unit of Indian billionaire Gautam
Adani's flagship firm Adani Enterprises  ADEL.NS  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  NDTV.NS  in December 2022
and Quintillion Business Media earlier that year.
        Adani had initially acquired a 50.5% stake in IANS for
510,000 rupees.
  
        The group's existing media assets, such as NDTV and NDTV
Profit competes with Reliance Industries-owned broadcaster
News18 and business news site Moneycontrol.
  
        
  

($1 = 83.0840 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru; Editing by Dhanya
Ann Thoppil)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))