Adani Group will acquire a minority stake in Quint Digital Media Limited, India’s only new-age digital media group listed on the stock exchange.
The company has entered into a binding term sheet with the Adani Group. The proposed transaction is only for the Quintillion Business Media Private Limited (QBM), which is a digital business news platform.
“Adani Group will acquire a minority stake in Quintillion Business Media Private Limited (QBM),” the companies said in a joint statement. The QBM is an indirect
Other digital media/media tech properties owned by Quint Digital i.e The Quint, Quintype Technologies, the news minute and Youth ki awaaz, will not come under this transaction.
Sanjay Pugalia, CEO, Adani Media Ventures Limited, said, “This relationship between us marks a beginning of Adani Group’s foray into Indian media.”
Anil Uniyal, CEO, QBM, said, “We a welcome the Adani Group as an investor in QBM. We will work towards accelerating the growth of the business.”
Adani Group has a market capitalization of over $150 billion.