Gautam Adani’s Adani Group has decided to acquire a minority stake in Quintillion Business Media Pvt Ltd. The Billionaire tycoon is all set to invest in Raghav Bahl-led leading digital business news platform in India.
India’s only digital-based news platform to be listed on the stock exchange, Quint Digital Media Limited is now looking forward to having the Adani Group as an investor. On Tuesday, Quint said that it has entered into a binding term sheet with the Adani Group via its media subsidiary, Adani Media Ventures (AMV). However, the proposed transaction is only for Quintillian Business Media (QBM) and does not include other platforms like The Quint, Quintype Technologies, The News Minute and Youth ki Awaaz owned by Quint Digital.
Adani Group makes its entry into news media. Group to acquire minority stake in Raghav Bahl’s Quintillion Business Media. pic.twitter.com/jWs6wqoETG— Nikunj Ohri (@Nikunj_Ohri) March 1, 2022
Sanjay Pugalia, CEO, Adani Media Ventures Limited said, “I have had the privilege of working with QBM’s talented, credible and diverse team. This relationship between AMV and QBM marks a strong beginning of Adani Group’s foray into Indian media.”
Commenting on the new path charted by his company, Pugalia said, “Adani Media Ventures intends to lead the path for new age media across different platforms. The adoption of technology and the increased ability of our nation to consume information has dramatically transformed the way media is expected to disseminate authentic information. This is exactly what Adani Media Ventures aims to do.”
The CEO of QBM Anil Uniyal said, “We are delighted to welcome the Adani Group as an investor in QBM. Given the proven execution record of the Adani group, their support to fulfil the ambitions of QBM will lay the foundation for accelerating the growth of the business and scale of QBM’s high-quality content for the Indian audiences”
QBM is a business and financial news company that covers content based on the Indian economy, international finance, corporate law & governance and business news, amongst others through its platform Bloomberg Quint. It is learnt that the Adani Group is set to close the transaction after completing customary due diligence and definitive documents. Earlier in November 2021, Quint Digital had announced the acquisition of a 100% stake in Quintillion Business Media.