Billionaire Gautam Adani's Adani Enterprises Ltd. and state-run Israel Innovation Authority have signed an accord to help the conglomerate access tech solutions provided by Israeli startups.
"The memorandum of understanding will lead to the creation of a cutting-edge innovation platform that will allow Adani businesses to access tech solutions provided by Israeli startups whereby selected innovation projects will be supported by the partnership," a press release said on Thursday.
The Israel Innovation Authority is a public-funded agency overseeing Israel's innovation policy.
The collaboration between the two entities will span climate change, cyber, artificial intelligence, internet of things, 5G and agriculture, "all of which are core businesses for Adani", it said.
Adani Group will screen and select Israeli startups and other innovation companies developing solutions in the tech space. Those approved will then be assisted by Adani Group and supported by the Israel Innovation Authority.
Karan Adani, chief executive officer and whole-time director of Adani Ports and Special Economic Zone Ltd., said what they offer in return is "the broadest sandbox of multiple business-to-business and business-to-consumer industries from Adani to multiple tech companies in Israel. It is a classic supply demand match between two nations that have always shared very strong bonds."
The move follows the acquisition of the Haifa Port in Israel by the Adani Group for about Rs 9,400 crore.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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