After the deal with the cement companies ACC and Ambuja, Adani Group is now preparing to buy stake in another company. AMG Media Networks, a unit of billionaire Gautam Adani’s conglomerate Adani Enterprises, is set to buy 49 per cent stake in Quintillion Business Media Pvt Ltd (QBM), a digital business news platform curated by Raghav Bahl. At the same time, the shares of Adani Group have also jumped after the deal with cement companies.
QBM is a business and financial news company that operates a leading business news digital platform. According to a report in news agency PTI, the Adani Group announced its foray into the media sector in March this year with a stake in QBM.
At the same time, this report released on May 13 said that the Adani Group has signed a share purchase agreement with Quintillion Media Limited (QML), QBML and Quint Digital Media Limited (QDML). Under this, Adani Group will buy its 49 percent stake. The Company will acquire these shares subject to the terms and conditions of SHA and SPA AMG Media.
Deal only for QBM
Significantly, on March 1, 2022, the Adani Group had signed an agreement with The Quint and announced its entry into the media sector by acquiring a certain stake in QBML. The transaction with Adani Group is only for QBM, a digital business news platform. While the Quint Digital-owned other digital media The Quint, Quintape Technologies, Naya Minute and Youth Ki Awaaz Media’s assets have not been dealt with.
Seven companies in Adani Group
The Adani Group has a market capitalization of over US$150 billion, comprising seven publicly listed companies and operating airports and seaports, power generation and transmission, coal and city gas distribution networks, etc.
Adani shares jump after deal with cement companies
Since the deal of Adani Group with ACC and Ambuja Cement, their shares have jumped up to 8 percent on the BSE on Monday. ACC has registered a jump of 8 percent while Ambuja Cement Company has registered a jump of about 5 percent. Adani Group has acquired both the cement companies for $10.5 billion.