Adani Enterprises Ltd (AEL) has signed a Memorandum of Understanding (MoU) with the Israel Innovation Authority (IIA) for cooperation in technological innovation between Israeli entities and the Adani Group.
IIA is Israel’s public-funded agency overseeing innovation policy.
The cooperation will deepen the existing partnerships that Adani already has in the country. Recently, Adani Group, through its ports arm, Adani Ports and Special Economic Zone (APSEZ) had acquired 70 per cent stake in Haifa port along with Israeli partner, Gadot Group holding 30 per cent.
The MoU, according to a statement, will lead to the creation of a cutting-edge innovation platform, allowing Adani businesses to access tech solutions provided by Israeli start-ups, whereby selected innovation projects will be supported by the partnership.
Under the provisions of Israeli industrial laws and policies, the Adani Group will screen and select Israeli start-ups and other innovation companies developing new solutions in the tech space. Approved projects will be assisted by the Adani Group and supported by the Israel Innovation Authority.
The collaboration will span climate change, cyber, AI, IoT, 5G, agriculture, all of which are core businesses for Adani.
Adani Group’s commitment
Karan Adani, CEO and whole-time Director, APSEZ, said, “The Haifa Port acquisition demonstrates the Adani Group’s commitment to Israel. The partnership with the Israel Innovation Authority is yet another large step in deepening our relations within Israel and provides us a platform to access the hundreds of cutting-edge technologies that Israel continues to produce.”
“What we offer in return is the broadest sandbox of multiple B2B and B2C industries from Adani to multiple tech companies in Israel as a classic supply demand match between two nations that have always shared very strong bonds,” he said.
This MoU will help open various channels for the latest technologies to enter India from Israel and accelerate the digitization of several other organizations.
Unique opportunity for Israeli companies
Commenting on the MoU signing, Dror Bin, CEO, IIA said, “The Adani Group is a partner of choice for any Israeli startup looking to tap into the world’s fastest growing economy – India.”
“With this MoU, the Israel Innovation Authority will provide Israeli companies a unique opportunity to co-develop, pilot, and scale-up innovative technologies in collaboration with Adani’s diverse businesses in the fields of renewable energy, AI, logistics, and more,” he added.
The Adani Group’s broader strategy is to digitally integrate its current and future businesses by linking its data centres through a network of submarine and terrestrial cables, industrial level 5G connectivity, building the largest industrial operations cloud in the world, developing the super app to offer a suite of services across its consumer base of 400 million, and establishing a world-class AI centre of excellence.