Adani Enterprises injects Rs 900 crore into media subsidiary

Adani Enterprises invested Rs 900 crore in its wholly-owned subsidiary, AMG Media Networks, during the last financial year. The investment was made through the subscription of 90 crore 0% compulsory convertible debentures, each valued at Rs 10, as detailed in the company's annual report.

The company has identified the media and entertainment sector as a key area for growth and has been actively evaluating assets within it. Earlier this year, AMG acquired 76% of category I shares and 99.26% of category II shares in the news agency IANS India. As a result, IANS became a subsidiary of the group on January 17.

In its annual report, Adani stated that it is in the process of finalising the fair value of IANS' assets and liabilities in accordance with Ind AS 103 accounting standards. Meanwhile, IANS has been accounted for on a provisional fair valuation basis, with recorded goodwill amounting to Rs 7.42 crore, the report added.

AMG Media acquired Quintillion Business Media, the owner and operator of the business news website BQ Prime, for Rs 100 crore through two transactions spread across FY23 and FY24. BQ Prime has since been merged into NDTV Profit.

The group is currently finalising the fair values of Quintillion and has accounted for it on a provisional fair valuation basis, recording goodwill of Rs 128.77 crore in FY24. Additionally, the company purchased a controlling 64.71% stake in NDTV, founded by Prannoy and Radhika Roy, for Rs 900.69 crore in cash during FY23. NDTV operates six TV news channels and the digital news platform NDTV.com.