India-based engineering and tech solutions firm Cyient acquired tech consulting company Abu Dhabi and Gulf Computer (ADGCE), according to a press release. The takeover will help Cyient strengthen its operational presence in the Middle East and offer its services to a wider market across key sectors including energy, utilities, transportation, and connectivity. ADGCE mainly works with energy firms, offering IT-enabled business solutions including enterprise content management, as well as e-government and financial solutions.

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The investment also aims to strengthen Cyient’s offerings in digital transformation, loT-enabled solutions, data-driven asset management, and field engineering services. The company is eyeing the Middle East’s expected investments in sectors like utilities modernization, rail and smart transportation networks, advanced manufacturing, and public-sector digitalization, the statement said.

ALSO FROM THE UAE<>INDIA CORRIDOR-

Adia picks up stake in ICICI Prudential: Abu Dhabi Investment Authority (Adia) purchased an undisclosed amount of shares in ICICI Prudential Asset Management as Prudential offloaded a 4.5% stake in a pre-IPO placement for INR 49 bn (USD 544.6 mn), Reuters reports. The IPO of ICICI Prudential — a joint venture between Indian private lender ICICI Bank and British ins. Provider Prudential — will open today for anchor bids and the stock is expected to list on 19 December.

Marquee investors: Adia joined the family offices of b’naires Azim Premji and the late Rakesh Jhunjhunwala alongside Indian insurers including SBI Life, HDFC Life, and Go Digit, as per the newswire, which did not disclose the exact number of shares they each acquired. ICICI Bank, which holds a 51% stake in the fund manager, also purchased INR 21.40 bn (USD 237.8 mn) worth of stock. The IPO will see Prudential float a further 10% stake.

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