IHC, Adani in alliance to tap India's $175 bn digital economy

New Delhi: Adani Group and a unit of Abu Dhabi's International Holding Company (IHC) have forged an alliance to seek deployment of artificial intelligence, internet of things and blockchain products to tap India's USD 175 billion digital economy.

"Adani Enterprises Ltd (AEL), through its wholly-owned subsidiary Adani Global Ltd and Sirius International Holding Ltd, a subsidiary of IHC, UAE, have entered an agreement to create a new joint venture named Sirius Digitech International Ltd, an entity based in Abu Dhabi," AEL said in a statement.

Sirius JV will be owned 51 per cent by Sirius and 49 per cent by Adani.

"Sirius JV will capitalise on the global digital transformation expertise of Sirius and Adani's strategic insights to focus on leading the USD 175 billion opportunity in the digitalisation of the Indian economy. This digital opportunity is rapidly evolving to become a USD 1 trillion 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," the statement said.

On Wednesday, Adani Energy Solutions formed a joint venture with a company backed by IHC to grow its smart meter business in India and globally.

A spokesperson at Sirius International Holding said, "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' expertise and Adani's dynamic approach will be instrumental in empowering businesses to thrive in the digital era with advanced technologies that optimise industries, streamline processes and foster growth".

A spokesperson at Adani Enterprises said, "Inexpensive sensitisation 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 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 today".

Sirius JV intends 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.

"By integrating Industrial digital solutions into their operations, companies are unlocking exponential levels of efficiency, productivity and innovation, and in many cases, completely reinventing their business models," the statement said.

The completion of the transaction shall be upon satisfaction of customary closing conditions, including the receipt of necessary approvals.