India’s Adani Group moves to buy remaining stake in Quintillion Business Media

(Reuters) -Adani Enterprises, Indian billionaire Gautam Adani’s flagship firm, said on Monday it would buy the remaining 51% stake in Quintillion Business Media, which operates business and financial news digital media platform BQ Prime.

Quintillion, in which Adani bought a 49% stake for 478.4 million Indian rupees ($5.75 million) in March last year, was his first bet in the Indian news industry before taking a nearly 65% stake in broadcaster NDTV in December.

BQ Prime was earlier known as Bloomberg Quint, a former joint venture between U.S.-based news agency Bloomberg Media and India’s Quintillion Media. Bloomberg exited that agreement in March last year.

Quintillion will become a wholly-owned subsidiary of the Adani group’s unit, AMG Media Networks Ltd, after the acquisition.

Quint Digital Media, the parent group of Quintillion Business Media, did not disclose details of the deal.

($1 = 83.1700 Indian rupees)

(Reporting by Rishabh Jaiswal and Bharat Govind Gautam in Bengaluru; additional reporting by Kanjyik Ghosh; Editing by Maju Samuel)