MEXCIndia’s Adani Group Takes Bold Leap Into AI Realm With UAE’s IHC Partnership
In a pioneering step, the Adani Group, led by Gautam Adani, has partnered with a division of UAE’s International Holding Co. (IHC) to explore artificial intelligence (AI) and advanced technologies. Meanwhile, the collaboration marks a strategic partnership between the Indian conglomerate and its Middle-Eastern backers, reinforcing the deepening ties between the two entities.
Notably, Adani Global Ltd. and IHC’s Sirius International Holding Ltd. will collectively own Sirius Digitech International Ltd., a pioneering venture based in Abu Dhabi, focusing not only on AI but also exploring the Internet of Things (IoT) and blockchain technologies.
Adani Group Partners IHC With AI In Focus
Adani Global, a wholly owned subsidiary of Adani Enterprises Ltd., will hold a 49% stake, with Sirius International Holding claiming the majority at 51%. This collaborative entity is poised to take on the vast landscape of digitization opportunities in India, estimated at a staggering $175 billion, Bloomberg reported today citing an exchange filing.
Meanwhile, the venture aims to explore sectors ranging from Fintech and Healthtech to Greentech, leveraging Adani’s proven track record of incubating successful businesses within its extensive portfolio.
In a joint statement, the partners emphasized their dedication to collaborative decision-making through equal representation on the board, highlighting the alignment of Adani’s innovation and IHC’s strategic vision. In addition, they aim to go beyond AI, exploring the transformative possibilities of IoT and blockchain technologies to bring about significant advancements across industries.
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Renewed Confidence and Aggressive Expansion
The report suggested that this collaboration with IHC is a significant stride for the Adani Group, which faced a short seller attack in January. Despite weathering allegations of corporate fraud, the conglomerate has swiftly regained investor and lender confidence in recent months.
Meanwhile, the increased stake by IHC in Adani’s flagship and the formation of Sirius Digitech International Ltd. signals a robust return to aggressive expansion plans, emphasizing a renewed era of support for the billionaire’s conglomerate. Notably, IHC is a leading UAE conglomerate valued at $239 billion. The firm is headed by Sheikh Tahnoon bin Zayed Al Nahyan, the National Security Adviser of the United Arab Emirates.
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