AMI Paradigm Solutions Pvt Ltd (AMIPS) has signed a binding transfer agreement to acquire the Smart World and Communication (SWC) business of L&T Technology Services (LTTS) for ₹452 crore.
The deal will be executed on a slump sale basis and includes SWC operations in India and overseas. The final consideration is subject to adjustments related to working capital, net debt, and other terms outlined in the agreement. The transaction is expected to close on or before September 2026, pending customary approvals.
AMIPS is a joint venture between AM Group and ParadigmIT. The acquisition is aimed at strengthening its sovereign AI capabilities, particularly for government systems, public infrastructure, and mission-critical sectors.
AM Group is promoted by Greenko founders Anil Chalamalasetty and Mahesh Kolli, while ParadigmIT is led by Sridhar Gadhi. The company said the move aligns with its long-term strategy to build AI-driven intelligence platforms.
AMIPS is positioning itself as a vertically integrated AI player, spanning carbon-free power, data centres, high-performance chips, software, applications, and flexible consumption models.
The companies highlighted growing demand for sovereign AI services, with the global market currently estimated at $25 billion and expected to reach nearly $100 billion by the early 2030s.
As part of its broader plans, AM Group has announced a $25 billion investment to build a 1 GW high-performance compute hub in Uttar Pradesh. The first phase, around 250 MW, is already under development on land allocated by YEIDA.
AM Group chairman Anil Chalamalasetty said the acquisition will support deployment of AI across governments, smart cities, utilities, transport systems, and enterprises. Sridhar Gadhi added that it will enable development of domain-specific models, sovereign AI architectures, and lower-cost AI solutions powered by clean energy.
LTTS CEO Amit Chadha said the divestment aligns with the company’s focus on engineering intelligence, software, and digital manufacturing, while ensuring continuity for employees and clients.
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