Adani Group's Sirius Digitech Acquires Coredge.io, Expanding AI Capabilities

18 Jul 2024 , 04:03 PM

Sirius Digitech, a joint venture between the Adani Group and International Holding Company, finalized binding agreements in July to acquire Coredge.io Private Limited, a prominent company specializing in AI and cloud platforms.

As per regulatory filings, Adani Group will purchase a significant 77.5% stake in Parserlabs India, the parent company of Coredge.io, which wholly owns Coredge.io itself. The acquisition cost is set at ₹20,000 per equity share with a face value of ₹1 each.

This acquisition is strategically aimed at enhancing Sirius Digitech’s capabilities in delivering Machine Learning as-a-Service (MLaaS), leveraging Coredge.io’s expertise in AI and cloud services.

Coredge.io is renowned for its secure and compliant cloud solutions tailored for AI applications, ensuring data sovereignty. It serves a diverse clientele across Japan, Singapore, and India, positioning Sirius Digitech to expand its footprint in the rapidly growing AI market.

“With the increasing emphasis on data security by nations globally, the establishment of sovereign data centers becomes critical to safeguarding sensitive information and upholding national security,” commented Jeet Adani, Director of Adani Group. “This acquisition enables us to empower organizations with specialized sovereign cloud services, particularly for AI training and inferencing,” he added.

Ajay Bhatia, CEO of Sirius International Holding, highlighted, “Our commitment is reinforced by this strategic move, ensuring we offer secure and locally adapted AI cloud technologies to our global clients and partners.”

Arif Khan, CEO of Coredge.io, expressed excitement about the partnership with Sirius, foreseeing significant growth opportunities for their sovereign AI and cloud platform business in India and worldwide.

Meanwhile, shares of Adani Enterprises, the flagship entity of Adani Group, closed slightly higher at ₹3,110 on the Bombay Stock Exchange (BSE) on July 16, reflecting investor confidence amidst the acquisition news.

Last year, the Adani Group and International Holding Co. established Sirius Digitech International Ltd. in Abu Dhabi, focusing on AI, IoT, blockchain, and other advanced technologies. The venture includes equal board representation from both partners, aiming to explore and capitalize on emerging technological trends.