Adani Ent rides AI wave, hikes stake by 23% to complete 100% acquisition of Parserlabs India

Adani Enterprises completed the acquisition of Parserlabs India on Thursday, March 20, after Sirius Digitech Limited, a joint venture of Adani Global Limited, Mauritius, acquired the remaining 22.5 per cent stake in the cloud services and artificial intelligence (AI) company. The transaction marks the ports-to-power conglomerate's expansion into the data centre and cloud services sector.

“Furtherance to our earlier intimation dated 16th July 2024, where we had informed about the acquisition of 77.5 per cent stake in Parserlabs India Private Ltd (PIPL) by Sirius Digitech Limited, a joint venture company of Adani Global Ltd, Mauritius, which is a wholly-owned subsidiary of the company,” said Adani Enterprises in a regulatory filing to the stock exchanges on March 20.

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“We inform that Sirius Digitech has further acquired remaining 22.5 per cent stake in PIPL. Accordingly, PIPL has now become a Wholly Owned Subsidiary of Sirius Digitech,” added the Adani Group's flagship company in its filing.

The acquisition follows Sirius Digitech’s initial acquisition of a 77.5 per cent stake in PIPL, announced on July 16, 2024. According to the Adani Group, with the latest ₹45 crore purchase, PIPL is now a wholly-owned subsidiary of Sirius Digitech.

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"Sirius Digitech acquired 22,500 equity shares (having face value of Re.1 per share) for Rs. 20,000 per share for an aggregate investment of Rs. 45,00,00,000 constituting 22.5 per cent of share capital of PIPL," said Adani Enterprises.

Founded on March 25, 2019, PIPL owns 100 per cent of Coredge.io India Pvt Ltd (CIPL), a deep-tech startup focused on sovereign AI and cloud platforms. CIPL’s and PIPL's products cater to cloud providers, government agencies, and telecom service providers. PIPL has shown strong revenue growth, reporting a turnover of ₹45.63 crore in FY24, up from ₹28.94 crore in FY23 and ₹12.09 crore in FY22.

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On Thursday, shares of Adani Enterprises opened at ₹2,360 and hit an intraday high of ₹2,360, before settling 0.77 per cent higher at ₹2,339.05 apiece on the BSE. The company commands a market cap of ₹2,69,968.64 crore.