Adani-Sirus joint venture to acquire 77.5% stake in Coredge.io parent Parserlabs

Sirius Digitech Limited, a joint venture of Adani Group and Sirius International Holding, a subsidiary of International Holding Company (IHC), has entered into a binding agreement to acquire Coredge.io Private Limited, a cutting-edge AI and cloud platform.

As per the agreement, Sirius Digitech will acquire 77.5 per cent stake in Coredge.io's parent company Parserlabs India, at Rs20,000 per equity share of Re1 face value.

Parserlabs India, which was incorporated on 25 March 2019 owns 100 per cent stake in Coredge.io India, which was, in turn, incorporated on 24 November 2020.

With a global presence, Coredge.io offers secure and compliant cloud services for AI applications while helping clients across Japan, Singapore and India safeguard data sovereignty. 

Coredge.io is looking to build a complete cloud service stack for sovereign data centers, including physical infrastructure and service platform, based on  open-source technologies. This would enable Sirius Digitech to provide Machine Learning as a Service (MLaaS) with the addition of new applications.

Coredge has demonstrated the ability to scale solutions and make them globally available through sovereign AI cloud services that are locally operable, Ajay Bhatia, CEO of Sirius International Holding, said, adding that the company is committed to offering secure, trusted and localised cloud AI services.

. Sovereign data centers have become extremely important for protecting sensitive information and maintaining national security as reliance on public cloud becomes increasingly risky amidst increasing threat to data security posed by the exponential growth in artificial intelligence-driven demand for computation, said Jeet Adani, director of Adani Group. 

 The acquisition will also help put AI capabilities directly in the hands of sovereign organisations that require specialised AI training and inferencing, limiting the chances of data breach, he added.

Adani Enterprises expects to complete the acquisition by the end of  September 2024, according to a stock exchange filing.

Parserlabs India reported a turnover of Rs45.63 crore for the 2023-24 financial year.