Adani acquires majority stake in news agency IANS
New Delhi (PTI): Billionaire Gautam Adani's group has acquired a majority stake in news agency IANS India Pvt Ltd for an undisclosed sum as the group expands its presence in the media space.
In a regulatory filing, Adani Enterprises -- the firm that holds the group's media interest -- said its subsidiary "AMG Media Networks Ltd has acquired a 50.50 per cent stake constituting equity shares of IANS India Pvt Ltd."
The company did not disclose the acquisition price.
Adani had forayed into media business in March last year when it acquired Quintillion Business Media, which operates business and financial news digital media platform BQ Prime. It thereafter in December took nearly 65 per cent stake in broadcaster NDTV.
AMNL was the vehicle for these acquisitions as well.
In the filing, it said, "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."
IANS had a revenue of Rs 11.86 crore in the fiscal year 2022-23 (April 2022 to March 2023).
"All operational and management control of IANS will be with AMNL and AMNL will have the right to appoint all directors of IANS," the filing said.
"Pursuant to the acquisition as set out above, IANS is now a subsidiary of AMNL."
A first-generation entrepreneur, Adani started off as a commodities trader in 1988 and expanded his business interests to become India's largest private player in infrastructure, with 13 ports and eight airports. Over the years it diversified into producing coal, energy distribution, data centres and more recently into cement and copper. It even bid and acquired 5G telecom spectrum to set up a private network.
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ED raids in BBMP an outcome of squabbling in BJP, says Deputy CM Shivakumar
Bengaluru (PTI): Karnataka Deputy Chief Minister D K Shivakumar on Wednesday claimed that the ED raids in the 'Bruhat Bengaluru Mahanagara Palike' was an outcome of infighting in the BJP.
The ED on Tuesday searched the offices of Engineer-in-Chief B S Prahlad and other engineers in the BBMP in connection with the borewells and Reverse Osmosis plants in the areas where Cauvery water connection has not been provided, sources in civic agency said.
The raids were based on a complaint by a BJP leader and former BBMP Councillor N R Ramesh to the Anti-Corruption Bureau. The ACB later referred the case to the ED.
"It's an internal fight in the BJP. A BJP leader had given a complaint against his own party MLAs because he was denied a ticket (to contest assembly election)," Shivakumar told reporters here.
He said he had instructed the BBMP officials about one and a half years ago to be prepared for the possible raids and provide whatever documents the ED officials would ask for.
"We will cooperate with them. There is nothing wrong in it. I don't know the details but officers yesterday told me about it," Shivakumar said.
The Deputy CM said when documents are provided under the Right to Information to everyone, the ED officials will also be given the same. He added that those committed wrong will be punished.
Regarding the dinner meeting hosted by the MLAs from SC/ST community being cancelled, he said he has no information about it.
Karnataka Home Minister G Parameshwara on Tuesday said that the dinner meeting of Congress leaders, ministers and lawmakers from SC/ST communities that was called on January 8, has been postponed following an instruction from a AICC general secretary in-charge of Karnataka, Randeep Singh Surjewala.
The next date of the meeting will be informed later, Parameshwara said in a statement.
The meeting was scheduled within a week after Chief Minister Siddaramaiah's dinner with select Dalit and ST Cabinet colleagues that had created buzz within the ruling Congress, amid speculation over a change of guard in the state after March this year.
According to party sources, Deputy Chief Minister and state Congress president D K Shivakumar had met AICC general secretary (Organisation) K C Venugopal in Delhi and discussed the developments.
