Adani Enterprises and Abu Dhabi's IHC Form Sirius Digitech for India's Digital Push

Adani Enterprises and Abu Dhabi's IHC Form Sirius Digitech for India's Digital Push

By Staff Writer, 05 January 2024

Indian billionaire Gautam Adani

In a strategic move aimed at tapping into India's burgeoning digital landscape, Gautam Adani's Adani Enterprises Limited (AEL) has announced a collaboration with a subsidiary of Abu Dhabi's leading conglomerate, International Holding Company (IHC).

The alliance has birthed a joint venture, named Sirius Digitech International Limited (Sirius JV), headquartered in Abu Dhabi.

As per the official statement released on Thursday, Adani Global Limited, a fully-owned subsidiary of AEL, will hold a 49% stake in Sirius JV.

Concurrently, IHC's Sirius International Holding will possess the majority stake of 51%.

The primary objective of this joint venture is to pioneer advancements in artificial intelligence (AI), enterprise blockchain solutions, and various industrial applications.

Moreover, Sirius JV has ambitious plans to expand its footprint in sectors like FinTech, HealthTech, and GreenTech.

With India's digital transformation rapidly gaining momentum, the country's digitisation market is currently valued at an estimated $175 billion.

Commenting on the venture's potential, the statement highlighted projections indicating the digital sector could escalate to a staggering $1 trillion by 2030.

The statement further elaborated, "Sirius JV aims to establish a comprehensive digital ecosystem. By harnessing the transformative capabilities of AI, Internet of Things (IoT), and secure blockchain technologies, our focus will span critical infrastructure sectors. Additionally, our outreach will encompass emerging domains such as FinTech, HealthTech, and GreenTech."

For context, Adani Enterprises Limited stands as the flagship organization within the expansive Adani Group, spearheaded by Gautam Adani.

With an impressive revenue footprint of approximately $32 billion recorded last year, the Adani Group has diversified business interests spanning ports, aviation, energy, food, and infrastructure sectors.

Cleofe Maceda / Zawya

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