Adani Global Forms Joint Venture With UAE-Based IHC Subsidiary
The joint venture will be owned 51% by Sirius and 49% by Adani.
Adani Global Ltd. and Sirius International Holding Ltd. a subsidiary of Abu Dhabi-based International Holding Co., have entered an agreement to create a new joint venture.
Sirius Digitech International Ltd. will be owned 51% by Sirius and 49% by the Adani Enterprises Ltd.'s wholly owned subsidiary, according to the press release.
Th joint venture will capitalise on the digital-transformation expertise of Sirius and Adani's strategic insights to focus on leading the $175-billion opportunity in digitasation of the Indian economy. This digital opportunity is rapidly evolving to becoming a $1-trillion market by 2030, according to the release.
Sirius Digitech will deploy an integrated ecosystem of digital platforms by leveraging the expanding power of artificial intelligence, internet of things and secured blockchain products across infrastructure industries and extending to areas that include fintech, healthtech and greentech, it said.
"Inexpensive sensorization and the power of artificial intelligence are opening up new ways to drive extreme levels of efficiency, ensure real-time decision-making and rapidly deploy transformative business models," an Adani Enterprises spokesperson said.
"The power of compute and the ability to deliver green energy to data centres creates a unique combination of strengths that we bring to this partnership with Sirius International Holding, which has a portfolio of the most exciting digital companies relevant in today's era", the spokesperson said.
Shares of Adani Enterprises were trading 0.15% higher at Rs 2,847.50 apiece on the NSE compared to a 0.46% advance in the benchmark Nifty 50 as of 1:31 p.m.
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