Billionaire Gautam Adani’s group will purchase the remaining 51 per cent stake in Quintillion Enterprise Media Pvt Ltd to take full management of the Raghav Bahl-curated digital enterprise information platform.
Adani Enterprises Ltd, the ports-to-energy conglomerate’s flagship agency, in a inventory change submitting, mentioned the board of its subsidiary AMG Media Networks Ltd “has authorized to enter right into a binding memorandum of endeavor (MoU) with Quintillion Media Ltd for the acquisition of remaining 51 per cent stake” within the agency which operates the enterprise and monetary information digital media platform BQ Prime.
Quintillion was Adani’s first wager within the Indian information trade earlier than taking about 65 per cent stake in broadcaster NDTV in December final yr.
AMG Media had beforehand purchased a 49 per cent stake in Quintillion Enterprise Media Ltd (QBML) for Rs 47.84 crore.
BQ Prime was earlier referred to as Bloomberg Quint, a former three way partnership between US-based monetary information company Bloomberg Media and Bahl’s Quintillion Media. Bloomberg exited that settlement in March final yr.
“QBML will change into a wholly-owned subsidiary of AMNL” after the acquisition, it mentioned with out disclosing the monetary particulars of the deal.
Adani Group had arrange AMG Media Networks for its foray into companies of “publishing, promoting, broadcasting, distribution of content material over several types of media networks”.
In Might 2022, AMG Media entered right into a shareholders’ settlement with Quintillion Media Ltd (QML) for the acquisition of QBML.
In September 2021, AMG Media Networks appointed veteran journalist Sanjay Pugalia to steer Adani Media Ventures, its media-focused firm.
“The MoU data the phrases of settlement and inter-se rights and obligations and different related issues in respect of the acquisition of remaining 51 per cent fairness shares of QBML by AMNL from QML,” the most recent submitting mentioned.
