Adani Group's AMG buys 49% stake in Quintillion for Rs 48 crore

28 Mar 2023 , 09:30 AM

Gautam Adani’s AMG Media Networks has purchased a 49% stake in Raghav Bahl’s digital business news platform Quintillion Business Media for approximately Rs 48 crore.

Adani Enterprises declared through a filing on the stock exchange that its subsidiary, AMG Media Networks Ltd, has finalized the procurement which was initially disclosed in May of the prior year.

The company further said that the transaction was completed on March 27 for Rs47.84 crore.

The news outlet Bloomberg Quint is operated by Quintillion Business Media.

AMG Media Networks was established by the Adani Group as a means to venture into the realms of ‘publishing, advertising, broadcasting, distribution of content over different types of media networks.’

During May of the previous year, AMG Media Networks had entered into a shareholders’ agreement with Quintillion Media Ltd (QML) and QBML.

Adani Media Ventures appointed seasoned journalist Sanjay Pugalia to head their media organization in September 2021.

For feedback and suggestions, write to us at [e-mail]