Adani Sets Eyes On India’s $175 Bln Digital Economy

Adani Enterprises Ltd.’s subsidiary will form a joint venture with UAE-based Sirius International Holding Ltd. to tap the $175 billion opportunity in digitalization of the Indian economy.

The company’s subsidiary Adani Global Ltd. and Sirius International, a unit of International Holding Company (IHC), signed an agreement to create a new joint venture named Sirius Digitech International Ltd. in Abu Dhabi, the Indian conglomerate said in a stock exchange announcement.

Sirius International will own a 51% stake, while Adani will hold a 49% stake in the joint venture.

Adani Enterprises said the joint venture seeks deployment of artificial intelligence (AI), Internet of Things (IoT) and secured blockchain products for industrial applications, as well as to areas including fintech, healthtech and greentech.

The venture will capitalize on global digital transformation expertise of Sirius and Adani's strategic insights to focus on leading the $175 billion opportunity in digitalization of the Indian economy, it added.

The deal is subject to satisfaction of customary closing conditions, including receipt of necessary approvals.

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