Adani Global Ltd. will hold a 49% stake, while Sirius International Holding Ltd., a unit of UAE’s International Holding Co., will possess a 51% stake in the newly established Sirius Digitech International Ltd., with its headquarters situated in Abu Dhabi.
Gautam Adani’s Adani Group has entered into a strategic partnership with a unit of UAE’s International Holding Co., marking a significant collaboration in the realm of artificial intelligence and advanced technologies. The joint venture, named Sirius Digitech International Ltd. and headquartered in Abu Dhabi, will be owned with a 49% stake by Adani Global Ltd. and a 51% stake by IHC’s Sirius International Holding Ltd., as per a recent exchange filing.
The newly formed entity is set to delve into cutting-edge technologies such as artificial intelligence, Internet of Things, and blockchain, with both partners enjoying equal representation on the board. Beyond AI, the joint venture aims to explore opportunities in the digitization landscape, targeting a broad spectrum including Fintech, Healthtech, and Greentech, aligning with the significant potential of the $175 billion digital transformation market in India.
Adani Global, a wholly owned subsidiary of Adani Enterprises Ltd., has a history of successfully incubating new businesses within the diversified conglomerate. This collaboration represents a renewed phase of expansion for the Adani Group, as evidenced by its increasing stake in IHC’s flagship to nearly 5% in October. This move follows a challenging period earlier in the year when the conglomerate faced and refuted allegations of corporate fraud from Hindenburg Research.
In recent months, the Adani Group has made strides in rebuilding investor and lender confidence, signaling a robust comeback. The partnership with IHC, a $239 billion conglomerate led by UAE National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan, underscores the strengthening ties between the Indian conglomerate and its backers in West Asia. Sheikh Tahnoon’s oversight of a $1.5 trillion empire, which includes G42—an Abu Dhabi firm at the forefront of the UAE’s AI initiatives—further highlights the strategic alignment between the two entities in pursuing technological innovation and market opportunities.
Adani Group and IHC Forge Alliance in AI Exploration
This move signifies a strengthening bond between the Indian conglomerate and its Middle-Eastern supporters.
In the newly formed Sirius Digitech International Ltd., Adani Global Ltd. and IHC’s Sirius International Holding Ltd. will hold 49% and 51% ownership, respectively, as disclosed in an exchange filing on Thursday. The joint entity, headquartered in Abu Dhabi, will not only delve into artificial intelligence but also explore Internet of Things and blockchain. Both partners will enjoy equal representation on the board.
Adani Global, a wholly owned subsidiary of the flagship Adani Enterprises Ltd., known for successfully incubating new businesses within its diversified portfolio, aims to leverage the vast $175 billion digitization opportunity in India. The venture encompasses areas such as Fintech, Healthtech, and Greentech, as outlined in the filing.
The increased stake of nearly 5% by IHC in the flagship in October signals a supportive collaboration amid Adani Group’s resurgence from setbacks earlier in the year, including a short seller attack in January. This renewed partnership highlights the conglomerate’s return to aggressive expansion plans and the receipt of renewed support.
Adani Group’s recovery in recent months reflects its success in regaining investor and lender confidence, particularly after refuting allegations of corporate fraud by Hindenburg Research. The collaboration with IHC not only underscores the conglomerate’s resilience but also demonstrates its commitment to advancing technological frontiers and exploring new growth opportunities.
