Adani Enters Into Agreement With Sirius Digitech To Create JV Focusing On Indian Economy’s Digital Transformation
AEL’s wholly owned subsidiary, Adani Global Limited (Adani) signed an agreement with IHC’s subsidiary, Sirius International Holding Ltd (Sirius), to create a new entity Sirius JV, based in Abu Dhabi.
Adani Enterprises Ltd (AEL) entered into an agreement with International Holding Company (IHC), UAE via the companies’ subsidiaries, to form a new joint venture named Sirius Digitech International Ltd (Sirius JV) on Thursday. AEL’s wholly owned subsidiary, Adani Global Limited (Adani) signed an agreement with IHC’s subsidiary, Sirius International Holding Ltd (Sirius), to create a new entity Sirius JV, based in Abu Dhabi.
As part of the agreement, Sirius will own a majority stake of 51 per cent in the new entity, while the remaining 49 per cent will be controlled by Adani, the firm informed via a statement. Sirius JV will focus on leading the digital transformation opportunity of the Indian economy, worth $175 billion.
“This digital opportunity is rapidly evolving to becoming a $1 Tn market by 2030. Sirius JV will deploy an integrated ecosystem of digital platforms by leveraging the expanding power of artificial intelligence (AI), Internet of Things (IoT), and Secured Blockchain Products across infrastructure industries and extending to areas that include FinTech, HealthTech, and GreenTech,” AEL noted in its statement.
Commenting about the agreement, a spokesperson for Adani Enterprises, 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. The power of compute and the ability to deliver green energy to data centers 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 new entity, Sirius JV, plans to start deployment of the latest AI and enterprise blockchain products and services for industrial applications, while make use of the Adani Group’s large industrial presence to validate and scale the solutions.
Elaborating on the deal, a spokesperson at Sirius International Holding, noted, “We are pleased to embark on this transformative journey alongside Adani Enterprises. The partnership reflects a formidable commitment to address key challenges and unlock unprecedented opportunities in the rapidly evolving digital landscape. We believe that Sirius's expertise and Adani's dynamic approach will be instrumental in empowering businesses to thrive in the digital era with advanced technologies that optimize industries, streamline processes, and foster growth.”
The finalisation of the transaction is depending on satisfaction of customary closing conditions, including the receipt of necessary approvals.
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