Adani Enterprises and IHC ink agreement to create new joint venture; details inside

About the agreement

Adani Enterprises Limited (AEL) through its wholly owned subsidiary, Adani Global (Adani), and Sirius International Holding (Sirius) a subsidiary of International Holding Company (IHC), UAE have entered an agreement to create a new joint venture named Sirius Digitech International (Sirius JV), an entity based in Abu Dhabi. Sirius JV will be owned 51% by Sirius and 49% by Adani.

Sirius JV will capitalize on the global digital transformation expertise of Sirius and Adani’s strategic insights to focus on leading the USD 175 billion opportunity in the digitalization of the Indian economy. This digital opportunity is rapidly evolving to become a USD 1 trillion market by 2030. Sirius JV will deploy an integrated ecosystem of digital platforms by leveraging the expanding power of artificial intelligence (AI), Internet of Things (IoT) and Secured Blockchain Products across infrastructure industries and extending to areas that include FinTech, HealthTech and GreenTech.

About Adani Enterprises Limited

AEL has business interests in various economic areas such as mining, integrated resources management, infrastructure such as airports, roads, rail/ metro, water, data centres, solar manufacturing, agro and defence.

About IHC

IHC was founded in 1998 as part of an initiative to diversify and develop non-oil business sectors in the UAE and has grown to become the most valuable listed holding company in the Middle East with a market cap of AED 879 billion as of September 30, 2023. The company develops and implements sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates.

Sirius is a subsidiary of IHC a global Abu Dhabi-based holding company that leverages disruptive technologies to drive cross-sector digital transformation and engineers sustainable solutions to combat climate change. Sirius has a portfolio of more than 20 subsidiaries operating globally each contributing to shaping today’s digital, climate and health ecosystems in over 15 countries.

Stock Performance

In the last trading session, the stock closed at Rs 2,842.80. Today, it opened at Rs 2,853.05 and closed at Rs 2,812.50, down by 1.07%. The company’s 52-week high stands at Rs 3,899.30 while its 52-week low stands at Rs 1,017.10. The company currently boasts a market capitalization of approximately Rs 3,20,600 crore.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.