Adani Enterprises Ltd (AEL) has announced the incorporation of its subsidiary AMG Media Networks.

The wholly-owned subsidiary (WOS) will start its business operations in due course, it was announced Wednesday — a day when another Indian billionaire Mukesh Ambani’s Reliance Industries announced a partnership with Bodi Tree, which would invest a shade less than two billion dollars in Reliance-controlled Viacom18 to look at forming a digital-first streaming media company.

“The company has incorporated a WOS namely, AMG Media Networks Limited on April 26th, 2022, with an initial authorized and paid-up share capital of Rs 1,00,000 each to carry on the business of media-related activities, including…publishing, advertising, broadcasting, distributing etc. of content over different types of media networks,” AEL said in a filing to stock exchange BSE on Wednesday, according to a PTI report.

AEL, a flagship company of Adani Group, is one of the country’s leading business houses.

Adani Group Takes Minority Stake in Quint: Meanwhile, earlier in March, the Adani Group had anoounced taking a minority stake in local digital business news platform Quintillion, founded by Raghav Bahl.

The relationship between Adani Media Ventures and Quintillion “marks a strong beginning of Adani Group’s foray into Indian media,” the statement said, without quantifying the stake Adani was taking, Reuters had reported from New Delhi

The news was first reported in September last year when the company appointed veteran Indian journalist Sanjay Pugalia to lead its media company Adani Media Ventures.

Pugalia previously was president of Quint Digital Media, the parent company of Quintillion, founded by Raghav Bahl who had started the TV18 Network that was taken over by Reliance Industries few years back.

The proposed deal excludes other popular Indian digital media properties affiliated with the Quint such as The News Minute and Youth Ki Awaaz, the companies said.

Gautam Adani is one of Asia’s richest alongside Mukesh Ambani, chairman of oil-to-telecom conglomerate Reliance Industries, which also has interest in India’s vibrant media industry (TV18 Network, Viacom18, etc.)

(Photo courtesy CEOWorld magazine)