Adani Groups Set an AI Joint Venture with UAE’s IHC

In a significant move signaling strengthened collaboration between the Adani Group and its backers in West Asia, a joint venture has been established with a unit of UAE's International Holding Co (IHC). The conglomerates, led by Gautam Adani and UAE National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan, respectively, are set to explore AI and blockchain.

According to an exchange filing on Thursday, Adani Global Ltd. and IHC's Sirius International Holding Ltd. will hold 49% and 51% stakes, respectively, in the newly formed entity named Sirius Digitech International Ltd., headquartered in Abu Dhabi. 

The collaboration extends beyond AI, encompassing IoT and blockchain technologies, with both partners enjoying equal representation on the board.

Adani Global, a wholly owned subsidiary of flagship Adani Enterprises Ltd., has a history of incubating new businesses within its diverse portfolio, which ranges from ports to power. The joint venture's primary objective is to capitalize on the vast $175 billion digitisation opportunity in India, spanning sectors such as Fintech, Healthtech, and Greentech, as outlined in the filing.

This partnership comes on the heels of IHC's increased stake in the Adani Group to nearly 5% in October, highlighting renewed support for the conglomerate. The Adani Group, having weathered a short seller attack in January, has been steadily regaining investor and lender confidence.

IHC, a formidable $239 billion conglomerate led by Sheikh Tahnoon bin Zayed Al Nahyan, also oversees a $1.5 trillion empire, which includes G42—an Abu Dhabi firm playing a pivotal role in the UAE's advancement into AI. The collaboration underscores the Adani Group's resilience and its strategic alignment with influential partners as it seeks to leverage emerging technologies and capitalize on India's burgeoning digitization landscape.

In January, Adani Group had also set up its AI lab in Tel Aviv.

In other news, Mukesh Ambani’s Reliance Jio Infocomm has forged an alliance with IIT Bombay for the ‘Bharat GPT’ initiative, according to revelations made by the company’s chairman, Akash Ambani. This collaboration, rooted in a partnership established in 2014, underscores a concerted effort to propel technological advancements.