Adani Group Expands Holdings with 51% Stake Purchase in Quintillion Business

03 Nov, 2023

Adani Group Expands Holdings with 51% Stake Purchase in Quintillion Business

Billionaire Gautam Adani's conglomerate has successfully acquired the remaining 51% stake in Quintillion Business Media Pvt Ltd, thereby gaining full control of the digital business news platform curated by Raghav Bahl. The exact financial terms of this transaction have not been disclosed.

Adani Enterprises Ltd, the flagship company of the Adani Group with interests spanning from ports to energy, made the announcement through a stock exchange filing. The statement revealed that its subsidiary, AMG Media Networks Ltd, had executed a share purchase agreement for the acquisition of the remaining 51% stake in QBML, the entity responsible for operating the business and financial news digital media platform known as BQ Prime.

It's worth noting that Quintillion was the Adani Group's initial venture into the Indian news industry before they acquired a majority stake of about 65% in broadcaster NDTV in December of the preceding year. Prior to this, AMG Media had purchased a 49% stake in Quintillion Business Media Ltd (QBML) for an amount of Rs 47.84 crore.Formerly recognized as Bloomberg Quint, BQ Prime originated from a joint venture between the U.S.-based financial news agency,

Bloomberg Media, and Raghav Bahl's Quintillion Media. Bloomberg decided to exit the partnership in March of the prior year.

The share purchase agreement (SPA) outlines the terms of the agreement, the rights and obligations among the involved parties, and other relevant matters concerning AMNL's acquisition of the remaining 51% equity shares of QBML from Quintillion Media Ltd (QML), as stated by the Adani Group.

In its pursuit of diversifying its business portfolio, the Adani Group established AMG Media Networks, focusing on various aspects of publishing, advertising, broadcasting, and content distribution through different media networks.

In May of 2022, AMG Media Networks entered into a shareholders' agreement with Quintillion Media Ltd (QML) for the acquisition of QBML. Furthermore, in September of 2021, AMG Media Networks appointed veteran journalist Sanjay Pugalia to lead Adani Media Ventures, the company's media-centric division.