India’s Adani Group is taking a minority stake in local digital business news platform Quintillion, founded by Raghav Bahl, the companies said in a 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 Adani was taking, Reuters 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 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.

“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 I I 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” Pugalia, CEO, Adani Media Ventures Limited, said in a statement.

“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 Mr. Anil Uniyal, CEO, QBM.

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 and governance and business news, amongst others, through its platform BloombergQuint. It has a subsisting content agreement with Bloomberg Television Production Services India Private Limited.

Bloomberg Media, according to Reuters, 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 (TV18 Network, Viacom18, etc.)

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.