Adani obtains 49 pc in Quintillion Business Press for Rs 48 crore

Billionaire Gautam Adani's AMG Media Networks has obtained about a 49 percent stake in Raghav Bahl-curated online business media platform Quintillion Business Media Pvt Ltd for about Rs 48 crore. In a stock exchange filing, Adani Enterprises Ltd said its subsidiary AMG Media Networks Ltd has completed the acquisition which was originally announced in May last year.

The transaction was completed on March 27 for "Rs 47.84 crore", it said. Quintillion Business Media runs the news platform Bloomberg Qunit, now called BQ Prime. Adani group had set up AMG Media Networks for its foray into businesses of "publishing, advertising, broadcasting, distribution of content over different types of media networks".

In May last year, it signed a shareholders' agreement with Quintillion Media Ltd (QML) and QBML. In September 2021, it hired veteran journalist Sanjay Pugalia to lead its media company Adani Media Ventures

Read More News :

10 big income tax changes to the rules from 1 April 2023 for taxpayers

Deadline for nominations in demat and trading accounts extended