Gautam Adani enters into media, to acquire 49% stake in Quintillion Media
Asia’s richest person and Prime Minister Modi’s friend Gautam Adani who has been trying to venture into media, is set to acquire 49 per cent shares in Quintillion Business Media Limited
Asia’s richest person and Prime Minister Modi’s friend Gautam Adani who has been trying to venture into media, is all set to acquire 49 per cent shares in Quintillion Business Media Limited.
The Adani Enterprises has signed a shareholders' Agreement with Quintillion Media Ltd (QML) and QBML and a share purchase agreement with QML, QBML and Quint Digital Media Limited (QDML) in connection with its proposed acquisition of a 49% stake in QBML, said Adani Enterprises in a late-night regulatory filing on May 13.
Confirming the development, the Quint Digital Media Limited said, “We would like to inform you that pursuant to the Memorandum of Understanding dated March 1, 2022, the Company and its material subsidiaries Quintillion Media Limited and Quintillion Business Media Ltd have signed definite agreements with AMG Media Networks Limited, a wholly owned subsidiary of Adani Enterprises Limited, to conclude the divestment of 49% stake in Quintillion Business Media Limited”.
It is worth recalling here that in March this year, Adani Enterprises had signed a Memorandum of Understanding with the Quint and announced to enter the media business by acquiring an unspecified minority stake in QBML. QBML operates digital platform BloombergQuint founded by Raghav Bahal.
In April, the Adani Enterprises established AMG Media Networks with an aim to run the business of “publishing, advertising, broadcasting, distribution of content over different types of media networks.”
Senior journalist Sanjay Pugalia is leading the Adani Media Ventures.
As per media reports, Adani Group has a market capitalization of over US dollar 150 billion, including seven publicly listed firms that are in the business of operating airports and ports, power generation and transmission, coal and city gas distribution network.