The Adani Group-owned AMG Media Networks Ltd. has acquired a majority stake in news agency IANS India Pvt.
AMG Media Networks acquired 50.5% stake constituting equity shares, with voting rights and without voting rights each, of IANS India, the company said in an exchange filing. Pursuant to the acquisition, IANS will be a subsidiary of AMNL.
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, the company said.
The acquisition of the media network is strategic in nature, the company said.
IANS has an authorised share capital of Rs 20 lakh. The company reported a turnover of Rs 11.86 crore for fiscal 2023.
Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Ltd., an Adani Group company.
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