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Adani Group takes Full Control of Quintillion Business Media

Nov 2, 2023

By: BlinkX Research Team

Billionaire Gautam Adani’s conglomerate has concluded the acquisition of the remaining 51 percent stake in Quintillion Business Media Pvt Ltd, solidifying its ownership of the Raghav Bahl-curated digital business news platform. While the exact financial details of the transaction were not disclosed, the move marks Adani's commitment to the Indian news industry.

Adani Enterprises Ltd, the flagship firm of the ports-to-energy conglomerate, announced the completion of the share purchase agreement. Quintillion Business Media Ltd (QBML), which operates the business and financial news digital media platform BQ Prime, will now become a wholly-owned subsidiary of Adani Media Networks Ltd (AMNL), Adani's subsidiary.

Previously, AMG Media Networks had acquired a 49 percent stake in QBML for Rs 47.84 crore. BQ Prime, formerly known as Bloomberg Quint, was a joint venture between Bloomberg Media and Bahl's Quintillion Media. Bloomberg ended its participation in the venture in March last year.

This acquisition aligns with Adani's broader strategy to expand its presence in the media industry, emphasizing its commitment to publishing, advertising, broadcasting, and content distribution across various media networks. Sanjay Pugalia, a seasoned journalist, was appointed to lead Adani Media Ventures in September 2021 as part of this initiative.