Adani Enterprises arm forms JV with UAE-based Sirius for AI, IoT & Blockchain – CNBCTV18

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Adani Group’s flagship entity, Adani Enterprises Limited on Thursday (December 28) said its subsidiary Adani Global Ltd, Mauritius (Adani) has formed 49:51 joint venture (JV) with UAE-based Sirius International Holding Limited in Abu Dhabi.

“We would like to inform that the company through its wholly owned subsidiary, Adani Global Limited, Mauritius (Adani) has executed a term-sheet (Agreement) on 28th December 2023 for formation of 49:51 JV with UAE-based Sirius International Holding Limited, UAE (Sirius),” Adani Enterprises said in a regulatory filing.

The JV will enable to deploy Artificial Intelligence (AI), Internet of Things (IoT) and Secured Blockchain Products for industrial applications, the statement read.

Sirius JV will capitalise on global digital transformation expertise of Sirius and Adani’s strategic insights to focus on leading the $175 billion opportunity in digitalisation of the Indian economy. This digital opportunity is rapidly evolving to becoming a $1 trillion market by 2030, the company said.

“Inexpensive sensorisation 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,” said Adani Enterprises spokesperson.

Adani and Sirius will hold 49% and 51% shareholding, respectively, in the proposed joint venture company with equal participation in the Board of Directors of the joint venture company.

“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 optimise industries, streamline processes and foster growth,” said a spokesperson at Sirius International Holding.

Shares of Adani Enterprises Ltd were trading 0.049% lower at 2,841.95 apiece on the NSE during Thursday’s afternoon deals.

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