UAE Edition 
Egypt Edition 
Saudi Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Share
Read Full Issue 
Two Adani subsidiaries have formed JVs with two IHC subsidiaries to help digitize the Indian economy and expand smart metering.
#1- Boosting digitization in India: Adani Enterprises subsidiary Adani Global and IHC subsidiary Sirius International Holding ’s Abu Dhabi-based joint venture — Sirius Digitech International — will work to digitize India’s economy through AI, blockchain and the internet of things, according to a press release.The JV is eyeing what it says is a USD 175 bn market across infrastructure, fintech, healthtech, and greentech sectors, the press release reads.
#2- Expanding smart metering:Adani Energy ’s subsidiary, Adani Transmission Step-Four, and IHC’s Esyasoft Holdings formed a JV dubbed Adani Esyasoft Smart Solutions, which is set to expand Adani’s smart metering business in India and other countries, according to a press release. The JV will serve Adani Energy’s software application needs.
Who owns what: In both cases, the IHC subsidiary holds a 51% stake, and the Adani unit holds the remaining 49%.
More details: Adani did not disclose the exact figures of the investment, but said that it has secured orders for the installation of 20 mn smart meters from various power distribution companies across India. Eyasoft says the JV will help it serve an additional 30 mn consumer end points, compared with just 25 mn now.
BACKGROUND– Back in October, IHC raised its stake in Adani Enterprises to more than 5%, expressing interest in further investments in India, a move that transpired around a week after IHC’s divestment of its minority stakes in Adani Green Energy and Adani Energy Solutions to an undisclosed buyer.
A bright start to 2024 to counter a rough start to 2023: Adani Group is getting renewed support from investors after getting hit by a wave of short-selling in January 2023 by Hindenburg Research. The allegation caused a massive sell-off of Adani Group’s shares, wiping approximately USD 72 bn off its stock market value.
