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Written by Manjiri Sachin Chitre | Edited by Aniruddha Dhar
Gautam Adani-controlled AMG Media Networks Limited (AMNL) on Tuesday announced that it will buy a majority stake in New Delhi Television (NDTV). The group said it will indirectly acquire 29.18% stake in NDTV and launch an open offer for acquiring another 26% to get a majority stake in the media company.
Here’s all you need to know about AMG Media Networks Limited (AMNL):
1. AMG Media Networks Limited (AMNL) is a wholly owned subsidy of Adani Enterprises Limited (AEL) that houses the media business of the Adani Group.
2. According to the Adani Group, the company was recently incorporated to set up a credible next-generation media platform with an emphasis on digital and broadcast segments, amongst others.
3. The AMNL acquired a 100 per cent equity stake in Vishvapradhan Commercial Private Ltd. According to the group’s release, Vishvapradhan exercised its rights to acquire 99.5 per cent equity shares of NDTV’s holding company.
Also read: Adani Group ‘deeply overleveraged’, may spiral into debt trap, default: Report
4. AMNL’s subsidiary AEL is the flagship company of Adani Group and is one of the largest business organisations in the country. It focuses on building emerging infrastructure businesses, contributing to nation-building and divesting them into separate listed entities.
5. The AEL has built unicorns including Adani Ports & SEZ, Adani Transmission, Adani Power, Adani Green Energy, Adani Total Gas and Adani Wilmar.
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