New Delhi, Mar 1 (IANS): Quint Digital Media Limited, India's only new-age digital media group listed on an Indian stock exchange has, via its wholly owned subsidiary, entered into a binding term sheet with the Adani Group.
Adani Group will acquire a minority stake in Quintillion Business Media Private Limited (QBM), an indirect subsidiary of Quint Digital.
The proposed transaction with the Adani Group is only for QBM which is a digital business news platform and not in relation to other digital media/ media tech properties owned by Quint Digital viz. The Quint, Quintype Technologies, thenewsminute and Youthkiawaaz.
"Adani Media Ventures intends to lead the path for new age media across different platforms. The adoption of technology and the increased ability of our nation to consume information has dramatically transformed the way media is expected to disseminate authentic information. This is exactly what Adani Media Ventures aims to do. I have had the privilege of working with QBM's talented, credible and diverse team. This relationship between AMV and QBM marks a strong beginning of Adani Group's foray into Indian media," stated Sanjay Pugalia, CEO, Adani Media Ventures Limited.
QBM is a business and financial news company and operates a leading business news digital platform in India. QBM's main content is based on the Indian economy, international finance, corporate law & governance and business news, amongst others through its platform Bloomberg Quint. It has a subsisting content agreement with Bloomberg Television Production Services India Private Limited.
"We are delighted to welcome the Adani Group as an investor in QBM. Given the proven execution record of the Adani group, their support to fulfill the ambitions of QBM will lay the foundation for accelerating the growth of the business and scale of QBM's high quality content for the Indian audiences," stated Anil Uniyal, CEO, QBM. The closure of the transaction with the Adani Group is subject inter-alia to customary due diligence and definitive documents.