Adani Group
Gautam Adani is all set to change the face of artificial intelligence and cloud services in the country. A joint venture between Adani Group and Abu Dhabi-based Sirius International Holding has announced the acquisition of a majority stake in AI and cloud platform startup Coredge.io.
Sirius Digitech has entered into a binding agreement to purchase 77.5% stake in ParserLabs India, the parent company of Coredge.io. This acquisition will be completed by September.
Coredge.io customers in Japan, Singapore and India
Coredge.io is a local deep tech startup, working on AI and cloud platform. It serves customers in Japan, Singapore and India. The company operates under its parent company ParserLabs, which had a turnover of Rs 45.63 crore in FY24.
The entire deal or rather the acquisition of the company is likely to be completed by the end of September 2024, according to Adani Enterprises, the parent company of the Adani Group. As per information, ParserLabs India has 100 percent holding of Courge.io India.
The company’s turnover was 45.63 crore rupees in the last financial year 2023-24. Notably, the company’s business has grown by about 4 times in the last three financial years. The company’s turnover was 28.94 crore rupees in the financial year 2023. While in the financial year 2022, this business was 12.09 crore rupees.
This is a joint venture
Gautam Adani Last year, UAE’s international holding company IHC and Adani Enterprises’ Sirius International Holding Limited formed a joint venture called Sirius Digitech International Limited. In which Adani holds 49 percent and Sirius International Holding Limited holds 51 percent.
#AdaniGroup and #SiriusInternational‘s JV acquires AI cloud platform #Coredge to expand offerings in data centre space.
Read: https://t.co/C8fPMsrDdY pic.twitter.com/jKZWM3pFoQ
— NDTV Profit (@NDTVProfitIndia) July 16, 2024
The company aims to provide digital transformation solutions to businesses across India and the Middle East. The company’s offerings include artificial intelligence, blockchain, and Internet of Things (IoT) solutions.
Sirius Digitech International Limited is headquartered in Abu Dhabi, United Arab Emirates. The company has offices in India, Singapore, and Japan.
Additional Information
Coredge.io is a sovereign AI and cloud platform company that offers secure, scalable, and compliant cloud solutions to government and enterprise clients. The company has a strong presence in India, Singapore, and Japan.
The acquisition of Coredge.io is a significant step for the Adani Group as it aims to become a leading player in the AI and cloud space. The group already has a strong presence in energy, infrastructure, and logistics, and it is now looking to expand its portfolio into new technology areas.
The acquisition is also a positive development for the Indian AI and cloud market. It will bring in new investment and expertise into the sector and help to accelerate the adoption of AI and cloud technologies by Indian businesses.
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