Adani Group’s AMG Media Networks has acquired a substantial 49% stake in Raghav Bahl-curated digital business news platform Quintillion Business Media.
The stake in Quintillion Business Media was acquired for approximately Rs 48 crore by AMG Media Networks.
In a stock exchange filing, Adani Enterprises said its subsidiary AMG Media Networks 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 in the filing.
Quintillion Business Media runs the news platform Bloomberg Quint, 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 had signed a shareholders' agreement with Quintillion Media (QML) and QBML.