Adani Enterprises to Acquire remaining Stake in Quintillion Business Media

16 Aug 2023 , 01:33 PM

Adani Enterprises, the flagship company of Indian billionaire Gautam Adani, announced its plan to acquire the remaining 51% stake in Quintillion Business Media on Monday. Quintillion Business Media operates the digital media platform BQ Prime, which specializes in business and financial news.

The initial investment by Adani was a 49% stake purchase in Quintillion for 478.4 million Indian rupees ($5.75 million) in March of the previous year. Adani’s investment in Quintillion marked his entry into the Indian news industry. This move preceded his acquisition of a nearly 65% stake in broadcaster NDTV in December.

BQ Prime, previously known as Bloomberg Quint, was a former joint venture between U.S.-based news agency Bloomberg Media and India’s Quintillion Media. Bloomberg exited the agreement in March of the previous year. Upon completion of the acquisition, Quintillion will transition into a wholly-owned subsidiary of the Adani group’s unit, AMG Media Networks Ltd.

The parent group of Quintillion Business Media, known as Quint Digital Media, did not disclose specific details of the deal in their announcement.

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