Adani Enterprises Invests Rs 900 Cr In AMG Media Networks

During the most recent fiscal year, Adani Enterprises invested Rs 900 crore in its wholly-owned subsidiary, AMG Media Networks. According to the company's annual report, the investment was made through the subscription of 90 crore 0 per cent compulsory convertible debentures, with a face value of Rs 10.

The company has been actively assessing assets in the media and entertainment industry, which it recognised as a critical area for growth. AMG purchased 76 per cent of the category I shares and 99.26 per cent of the category II shares of the news agency IANS India earlier this year. IANS thus joined the group as a subsidiary on January 17.

Adani reported in its annual report that, in compliance with Ind AS 103 accounting standards, it is now determining the fair value of IANS's assets and liabilities. The report further stated that IANS has been accounted for using a provisional fair valuation approach, with recognised goodwill totalling Rs 7.42 crore.

Quintillion Business Media, the proprietor and operator of the business news website BQ Prime, was purchased by AMG Media for Rs 100 crore in two transactions that took place in FY23 and FY24. NDTV Profit was formed by the merger of BQ Prime.

The group recorded goodwill of Rs 128.77 crore in FY24 and is now finalising Quintillion's fair values. Quintillion has been accounted for on a provisional fair valuation basis. Furthermore, during FY23, the business paid Rs 900.69 crore in cash to acquire a controlling 64.71 per cent stake in NDTV, which was founded by Prannoy and Radhika Roy. In addition to running six TV news channels, NDTV also runs the online news portal NDTV.com.