Adani Group appears prepared to gain a Salt Lake City-based IT start-up, which would be a major boost for the state’s IT industry. For an undisclosed price, Adani Enterprises Ltd. has a final agreement in place to buy a 100% share in Sector V-based SIBIA Analytics and Consulting Services Private Limited. Angshuman Bhattacharya, the CEO of SIBIA, developed the advanced analytics and machine learning business.
The Adani Group has already allowed the Tajpur Deep Sea Ports through a letter of intent. It had earlier ratified a deal for a data centre with the state government. The company began operations eight years ago, according to sources. Bhattacharya, the principal promoter, owns 71% of the company, while another person owns 15% and a group of angel investors collectively share about 14%. Adani Enterprises will purchase every investor’s whole interest. The agreement was signed on October 14 and is anticipated to be finished by mid-November, according to the source.
Before founding his own business, the founder of the business, Bhattacharya, worked for two companies. The business now has 35 employees. The retail and FMCG industries account for most of the company’s clients. Spencer’s, Emami, Pidilite, Exide, Asian Paints, Berger India, and India Infoline are a few of the well-known brands. Another person said, “Adani, too, has worked with the company.
The board of directors of SIBIA will be composed of whichever many directors are chosen by the buyer (AEL) as soon as the sale is closed, according to the exchange filing. After stock prices rose by over 57% at the time in August of this year, Adani Enterprises became the fourth group company to cross the Rs 3 trillion market valuation milestone.
Adani portfolio firms include Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL), and Adani Enterprise Ltd.
Recently, a global strategic investment corporation with a presence in Abu-Dhabi, International Holding Company PJSC (IHD), announced the conclusion of an investment transaction in these businesses (AEL). There would be an approximate investment of $2 billion, or Rs. 15,400 crore.
