Adani Group appears prepared to acquire 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.
In any case, the Adani Group has already authorized the Tajpur Deep Sea Port through a letter of intent. It had earlier ratified a deal for a data center 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%.
The company’s creator, Bhattacharya, had worked in analytics for Wipro and Cognizant before launching his own business in 2014. 35 individuals are now employed by the company. The FMCG and retail sectors make up the majority 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.
According to the exchange filing, the purchaser may pick how many directors the board of directors of SIBIA will have after the acquisition closes (AEL).
Adani Enterprises reached the Rs 3 trillion barriers in market capitalization in August of this year, becoming the fourth group company to do so after equities rose by more than 57% at the time. A global strategic investment firm with an Abu-Dhabi basis called International Holding Company PJSC (IHD) recently announced the conclusion of an investment transaction in the Adani portfolio firms Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL), and Adani Enterprise Ltd. (AEL). The investment is estimated to be around $2 billion or Rs 15,400 crore.
News Mania Desk
