Adani Group acquires more than 50% stake in news agency IANS for an undisclosed sum
Industrialist Gautam Adani’s media company on Saturday announced taking control of news agency IANS, promoted by debt-ridden industrialist Anil Ambani. As per both firms, Adani’s firms acquired more than 50% of IANS, and a share agreement was signed with IANS Director Sandeep Bamzai, a veteran journalist, considered close to Anil Ambani. The value of the deal is expected to be around Rs.15 cr.
Though deal value is very low, taking control of a news agency is considered important for Adani, who now throws money into taking control of media organizations. Adani Group had already taken full control of another news agency Bloomberg Quint from Raghav Bahl, which has a stake in many web portals including Quint, NewsMinute, etc. Raghav Bahl is facing several cases including Income Tax violations. But after Adani’s takeover, cases and probes by the Modi government’s agencies are facing a slow pace or in the deep freezer.
The same is the case of Prannoy Roy promoted NDTV. All the Income Tax, CBI, and Enforcement Directorate’s cases against NDTV and Prannoy Roy stagnated after Gautam Adani’s takeover. Prannoy and his wife Radhika Roy are believed to have bagged more than Rs.600 crore from Gautam Adani by selling their shares. And the CBI, ED, and Income Tax cases against Prannoy-Radhika Roys are fizzled out after clinching a deal with Gautam Adani, who is having good rapport with none other than Narendra Modi, Prime Minister of India.[1]
Actually, Gautam Adani’s first media venture was in 2009 by putting more than Rs.150 crore into Rajat Sharma’s India TV. PGurus recently published a detailed report on Adani’s investment in Rajat Sharma’s India TV.[2]
Reference:
[1] NDTV take over: Adani and Prannoy Roy enter into a deal. Safe exit from CBI, ED, Income Tax cases? – Nov 26, 2022, PGurus.com
[2] Why did Rajat Sharma of India TV not declare that Adani owns more than 16% shares in his channel? – Jan 29, 2023, PGurus.com
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