Adani Group and UAE International Holdings Establish AI Joint Venture

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As a significant initiative to strengthen cooperation between the Adani Group and supporters in West Asia, a joint venture has been established with a unit of the UAE International Holding Company (IHC). The Adani Group, led by Gautam Adani, and the business group led by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE National Security Advisor, will explore AI and blockchain technologies.

According to an exchange filing last Thursday, Adani Global Ltd., a subsidiary of the flagship company Adani Enterprises Ltd., and Sirius International Holdings Ltd., a subsidiary of IHC, respectively hold 49% and 51% stakes in the newly established entity, Sirius Digitech International Ltd., headquartered in Abu Dhabi.

This collaboration is not limited to AI but also includes IoT and blockchain technologies, with both partners having equal representation on the board of directors.

Adani Global is a wholly-owned subsidiary of Adani Enterprises Ltd., the flagship company, and it incubates new businesses in its diversified investment portfolio, ranging from ports to power. The joint venture aims to leverage India's vast $175 billion digital opportunity, with the outlined areas in the filing including fintech, healthtech, and greentech.

This collaboration comes after IHC increased its stake in the Adani Group to nearly 5% in October, highlighting renewed support for the group. Adani Group experienced a short-selling attack in January, and investor and lender confidence has gradually been restored.

IHC, led by Sheikh Tahnoon bin Zayed Al Nahyan, is a powerful $239 billion business group that also oversees an empire worth $1.5 trillion, including G42 - a significant Abu Dhabi company playing a crucial role in the UAE's foray into AI. This collaboration emphasizes the resilience of the Adani Group and its strategic alignment with influential partners as it seeks to capitalize on emerging technologies and gain benefits in India's thriving digital field.

In January, the Adani Group also established its AI lab in Tel Aviv.

In other news, Reliance Jio Infocomm, owned by Mukesh Ambani, has formed an alliance with the Indian Institute of Technology Bombay for the "Bharat GPT" initiative, as revealed by the company's Chairman, Akash Ambani. This collaboration stems from a partnership established in 2014 and highlights the joint efforts to drive technological progress.