Gautam Adani’s Adani Group has acquired 49 percent stakes in Quintillion Business Media Pvt Ltd. The execution of the shareholders’ agreement was made public by the Adani group through a document on 13th May 2022.
AMG Media Networks Limited, a subsidiary of the Adani group has acquired 49 percent stakes in Quintillion Media Limited, Quintillion Business Media Limited, and Quint Digital Media Limited.
The document says, “We would like to inform you that, AMG MediaNetworks Limited (AMG Media), a wholly-owned subsidiary of the Company has signed Shareholders’ Agreement with Quintillion Media Limited (“QML”) and Quintillion Business Media Limited (QBML) and Share Purchase Agreement with QML QBML and Quint Digital Media Limited (“QDML) dated 13th May 2022 in connection with its proposed acquisition of 49% stake in QBML.”
The English and Hindi portals of The Quint are owned by Quint Digital Media Limited. 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. Earlier in November 2021, Quint Digital announced the acquisition of a 100% stake in Quintillion Business Media. Earlier this year on 1st March 2022, Adani group had announced that it will acquiring a minor stake in QBM.
The Quint was founded by Raghav Bahl and Ritu Kapur in 2015 after their exit from Network18. It is interesting to note that now Raghav Bahl can be credited for entry of two major India business tycoons in the media. In 2014, Mukesh Ambani led Reliance Industries had acquired Network18, when Raghav Bahl was the Managing director of the company. Therefore, Bahl brought both Ambani and Adani in the media sector in India.