The media arm of India's Adani Group on Wednesday said it increased its stake in IANS India by subscribing to fresh shares issued by the news agency worth 50 million rupees ($601,801).
AMG Media Networks, a unit of Indian billionaire Gautam Adani's flagship firm Adani Enterprises has increased its ownership of IANS shares with voting rights to 76 per cent, and nearly all non-voting shares, up from 50.5 per cent each earlier.
The IANS acquisition, announced in December, is Adani's latest media venture, following the conglomerate's purchase of a 65 per cent stake in news broadcaster NDTV in December 2022 and Quintillion Business Media earlier that year.
Adani had initially acquired a 50.5 per cent stake in IANS for ₹5,10,000.
The group's existing media assets, such as NDTV and NDTV Profit compete with Reliance Industries-owned broadcaster News18 and business news site Moneycontrol.