Sirius Digitech Ltd. completed the acquisition of Coredge.io, an AI and cloud platform company, on Tuesday.
Sirius Digitech had executed a securities purchase agreement and a shareholders agreement on July 15, 2024, with Parserlabs India Pvt. and Coredge.io India Pvt., a wholly owned subsidiary of PIPL, to acquire a 77.5% stake in PIPL.
Sirius Digitech is a joint venture between the Adani Group and Sirius International Holding.
“Coredge's has demonstrated a global presence with the ability to scale solutions through sovereign AI cloud services that are globally available but locally operable,” said Ajay Bhatia, chief executive officer of Sirius International Holding. “This step underscores our commitment to offering a portfolio of secure, trusted and localised cloud AI technologies to our customers and partners.”
The cost of acquisition is Rs 20,000 per equity share having a face value of Rs 1 each.
“As nations increasingly prioritise data security, it is more important than ever that organisations have the option to retain their data within national borders rather than relying solely on the public cloud. Sovereign Data Centers become extremely important for protecting sensitive information and maintaining national security, given the exponential growth in artificial intelligence-driven demand for computation and sovereign data stack,” said Jeet Adani, director of Adani Group.
“An additional benefit of this acquisition is our ability to put AI capabilities directly in the hands of organisations that require specialised sovereign cloud services for AI training and inferencing.”
Shares of Adani Enterprises were trading 1.59% higher at Rs 3,092.40 apiece on the BSE compared to a 0.02% decline in the benchmark BSE Sensex.
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