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The agreement has been executed, to enable deployment of cutting-edge artificial intelligence (AI), internet of things (IoT) and secured blockchain products for industrial applications, by a JV company of Adani and Sirius named Sirius Digitech International.
It has been decided that Adani and Sirius will hold 49% and 51% shareholding, respectively in the proposed JV with equal participation in its board of birectors. The location of incorporation of the JV shall be in Abu Dhabi, UAE.
Sirius Digitech International will capitalize on global digital transformation expertise of Sirius and Adani's strategic insights in order to focus on leading the $175 billion opportunity in digitalization of the Indian economy. This digital opportunity has been rapidly evolving to becoming a $1 trillion market by 2030, stated the company.
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.
Adani added that the completion of the transaction shall be upon satisfaction of customary closing conditions including the receipt of necessary approvals.
Spokesperson at Sirius International Holding said, "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 optimize industries, streamline processes and foster growth."
Spokesperson at Adani Enterprises said, "Inexpensive sensorization 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."
Adani Enterprises in the business of integrated resource management, mining services and other trading activities. The company operates as an incubator, establishing new businesses in various areas like new energy ecosystem, data center, airports and roads.
The company’s consolidated net profit tumbled 41.1% to Rs 271.57 crore on 41.0% drop in net sales to Rs 22,517.33 crore in Q2 FY24 over Q2 FY23.
Shares of Adani Enterprises ended 1.07% lower at Rs 2,812.50 on the BSE.
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