Sirius Digitch, a joint venture company between Adani Enterprises and Sirius International, on 17 July, announced that they have signed a binding agreement to acquire a 77.5% stake in ParserLabs India, which is the parent company of Coredge.io.

The shares of ParserLabs India will be acquired at Rs 20,000 per share that has a face value of Rs 1 each. The acquisition is expected to be completed by the end of September 2024. 

ParserLabs India was established on 25 March 2019, whereas Coredge.io India was founded on 24 November 2020. ParserLabs India owns a 100% stake in Coredoge.io.

According to the company’s filing, his acquisition will allow Sirius Digitech to offer cloud services that enable organisations to leverage sovereign cloud innovations while keeping sensitive data secure. Coredge plans to develop a comprehensive solution stack for sovereign data centres, encompassing everything from bare metal servers to services such as Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) based on open-source technologies. This will enable Sirius Digitech to provide Machine Learning as a Service (MLaaS) for applications built on its infrastructure.

Jeet Adani, Director of Adani Group, said, “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.”