Adani Enterprises Ltd (AEL) has partnered with Sirius, a subsidiary of Abu Dhabi’s International Holding Co., to use advanced technologies such as artificial intelligence (AI), Internet of Things (IoT), and secure blockchain to help transform India’s $175 billion digital economy.
“AEL, through its wholly owned subsidiary Adani Global Ltd, and Sirius International Holding Ltd have entered into an agreement to create Sirius Digitech International Ltd, a joint venture entity based in Abu Dhabi,” Adani Enterprises said in a statement.
Adani Enterprises said Sirius JV will be 51% owned by Sirius and 49% by Adani, but did not share financial details.
Sirius International Holding, a subsidiary of International Holding Co., leverages disruptive technologies to drive cross-sector digital transformation and engineers sustainable solutions to combat climate change.
The company also holds strategic investments worth about $1.9 billion in Adani Enterprises, Adani Green and Adani Transmission, solidifying its presence in key sectors and reinforcing its commitment to fostering sustainable growth.
Sirius JV will tap the global digital transformation expertise of Sirius and Adani’s strategic insights to focus on leading the $175 billion opportunity in digitizing the Indian economy, Adani said, adding that the opportunity is rapidly evolving and is projected to become a $1 trillion market by 2030.
The joint venture will deploy an integrated ecosystem of digital platforms and leverage the expanding power of AI, IoT and secured blockchain across infrastructure industries and extending into areas such as fintech, healthtech and greentech.
“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. 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,” a spokesperson at Sirius International Holding, said.
“Inexpensive sensor technologies combined with AI’s capabilities are opening up new ways to enhance efficiency, ensure real-time decision making, and swiftly deploy transformative business models. The capacity for high-level data processing and supplying eco-friendly power to data centers forms a distinct set of benefits that we contribute to our collaboration with Sirius International Holding, which has a range of contemporary, impactful digital enterprises pertinent in today’s digital landscape,” a spokesperson at Adani Enterprises said.
Sirius JV seeks to commence “deployment of cutting-edge AI and enterprise blockchain products and services for industrial applications, while leveraging Adani Group’s vast industrial testbed to validate and scale its solutions,” Adani Enterprises said in the statement.
The completion of the transaction shall be upon satisfaction of customary closing conditions including the receipt of necessary approvals.
Abu Dhabi’s International Holding Co. was founded in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE and has grown to become the most valuable listed holding company in the Middle East with a market cap of dirham 879 billion as of 30 September.
The company develops and implements sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates. IHC is included in FTSE ADX 15 Index (FADX 15), representing the top 15 largest and most liquid companies on the ADX.
AEL is the flagship company of Adani Group, one of India’s largest business organizations. The next generations of its strategic business investments are focused on green hydrogen ecosystems, airport management, data centers, roads, and primary industries such as copper and petrochemicals. Each of these sectors present substantial opportunities for unlocking value, the statement said.