INSUBCONTINENT EXCLUSIVE:
Adani Group is taking a minority stake in local digital business news platform QuintillionNEW DELHI: Adani Group is taking a minority stake
in local digital business news platform Quintillion, the companies said in statement on Tuesday, marking billionaire Gautam Adani's first
bet in the news industry.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 Mr Adani was taking.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.Mr Pugalia previously was
president of Quint Digital Media, the parent company of Quintillion.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.Bloomberg Media in a separate statement said it was
ending its equity joint venture with Quintillion in India, which together ran the business news website BloombergQuint.It was not
immediately clear whether Adani picked up Bloomberg's stake.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.With Tuesday's move, Adani is
set to face off with Reliance which owns India's Network18 that runs several business TV news channels and online platforms.Adani Group
has a market capitalization of over $150 billion, comprising seven publicly listed companies which are in the businesses of operating
airports and ports, power generation and transmission, coal and gas trading.
