Adani buys 49pc stakes in another Indian media outlet
After buying NDTV, embattled billionaire Gautam Adani's AMG Media Networks Limited (AMNL) has acquired about 49 percent stake in another Indian news platform.
AMNL bought the stake in digital business news platform Quintillion Business Media Pvt Ltd (QBML) for nearly 48 crore rupees.
"AMNL has completed the acquisition of 49 percent equity stake in QBML," Adani Enterprises Ltd said in a mandatory filing with the stock exchange.
"The transaction was completed on March 27 for Rs 47.84 crore," it said.
Rahav Behl-promoted Quintillion Business Media runs the news platform Bloomberg Qunit, now called BQ Prime.
Adani group had set up AMG Media Networks Limited for its foray into businesses of "publishing, advertising, broadcasting, distribution of content over different types of media networks".
In September 2021, the Adani group hired veteran journalist TV Sanjay Pugalia to lead its media company.
The acquisition of the new news media outlet came even as the Adani group is in the eye of a severe storm following US short seller Hindenburg Research report accusing the Indian port-to-power conglomerate of accounting fraud and manipulation of share prices. The Adani group has dismissed the charges.
Adani already owns a majority stake in Delhi-based news channel NDTV.
In March this year, Adani Enterprises, through its indirect subsidiary RRPR Holdings, acquired additional 1.76 crore shares of NDTV for Rs 602 crore, from NDTV promoters Radhika and Prannoy Roy.
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