Adani group sets up company to foray into media biz
Adani Enterprises Ltd (AEL) on Wednesday announced the incorporation of its subsidiary AMG Media Networks. The wholly-owned subsidiary (WOS) will start its business operations in due course.
AEL said in a filing to BSE, “The company has incorporated a WOS namely, AMG Media Networks Limited on 26th April 2022, with an initial authorized and paid-up share capital of Rs.1,00,000 each to carry on the business of media-related activities, including…publishing, advertising, broadcasting, distributing, etc. of content over different types of media networks.”
Meanwhile, shares of Adani Enterprises on Wednesday traded 2.80 percent lower at Rs.2,330 on BSE during the late-trade session.
The new subsidiary will aim to carry on the business of media-related activities, including inter alia the publishing, advertising, broadcasting, and distributing of content over different types of media networks. AMG Media Networks Limited will commence its business operations in due course, the Gautam Adani-led conglomerate said in a statement. Last month in March, Adani had also announced a minority stake in Quintillion Business Media Private Limited (QBM), an indirect subsidiary of Quint Digital.
The proposed transaction with the Adani Group is only for QBM which is a digital business news platform and not in relation to other digital media/ media tech properties owned by Quint Digital such as, The Quint, Quintype Technologies, The News Minute, and Youthkiawaaz, the statement added.
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