Indian billionaire Gautam Adani’s Adani Enterprises Limited (AEL) has formed a joint venture with a subsidiary of Abu Dhabi conglomerate International Holding Company (IHC) to cash in on India’s growing digitisation market.

To be based in Abu Dhabi, the new entity will be named Sirius Digitech International Limited (Sirius JV), with AEL’s wholly owned unit Adani Global Limited holding the 49% share and IHC’s Sirius International Holding taking the remaining 51%, according to a statement on Thursday.

The venture is expected to develop cutting-edge artificial intelligence (AI) and enterprise blockchain products, as well as industrial applications, with plans to extend offerings in FinTech, HealthTech and GreenTech.

The venture is targeting India’s digitisation market which is estimated to be worth around $175 billion.

“This digital opportunity is rapidly evolving to become a $1 trillion market by 2030,” the statement said.

“Sirius JV will deploy an integrated ecosystem of digital platforms by leveraging the expanding power of AI, Internet of Things and secured blockchain products across infrastructure industries and extending to areas that include FinTech, HealthTech and GreenTech.”

AEL is the flagship entity of Adani Group. Chaired by Gautam and with revenues of around $32 billion last year, Adani Group has businesses in various sectors, including ports, aviation, energy, food and infrastructure.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com