Adani Enterprises ventures into media with AMG Media Network

Adani Enterprises Limited on Wednesday announced that it has incorporated a wholly-owned subsidiary AMG Media Networks with an initial authorised and paid-up share capital of Rs 1,00,000 each. 

The new subsidiary will aim to carry on the business of media related activities, including inter alia the publishing, advertising, broadcasting, distributing of content over different types of media networks. AMG Media Networks Limited will commence its business operations in due course, the Gautam Adani-led conglomerate said in a statement. 

Last month in March, Adani had also announced a minority stake in Quintillion Business Media Private Limited (“QBM”), an indirect subsidiary of Quint Digital.  

The proposed transaction with the Adani Group is only for QBM which is a digital business news platform and not in relation to other digital media/media tech properties owned by Quint Digital such as, The Quint, Quintype Technologies, thenewsminute and Youthkiawaaz, the statement added. 

Meanwhile, shares of Adani Enterprises on Wednesday traded 2.80 per cent lower at Rs 2,330 apiece on BSE during late-trade session.