Empower India Limited announced its strategic expansion into sustainable digital infrastructure solutions on September 7, 2026. The company stated it is positioned to benefit from the rapid development of India's artificial intelligence computing ecosystem.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Managing Director and CFO Rajesh Chavan signed the release.

Strategic Context

The Government of India's IndiaAI Mission, announced in 2024, carries an allocation of ₹10,371.92 crore. This initiative aims to accelerate the development of the country's AI ecosystem through investments in computing capacity, data infrastructure, and applications.

India has onboarded over 38,000 GPUs under this framework. The government plans to add an additional 20,000 GPUs, signaling a significant expansion in national AI computing infrastructure.

Infrastructure Demand Drivers

The scale-up of AI computing is driving demand for modern data centers, high-performance computing, power infrastructure, and energy-efficient cooling solutions. India's data-center capacity is projected to increase nearly fourfold:

This growth creates requirements for supporting infrastructure capable of handling higher computing densities while optimizing power consumption and cooling.

Business Opportunities

Empower India identified specific areas where it expects to benefit from this sector growth:

• Energy-efficient data-center infrastructure for modern workloads
• Power optimization and reliable power systems for continuous uptime
• Advanced cooling and thermal-management solutions for heat-intensive hardware
• Sustainable infrastructure for high-density computing aligned with green energy goals

Mr. Rajesh Chavan stated that India's AI infrastructure expansion presents a strong growth opportunity for sustainable digital infrastructure. He noted that Empower India's foray into this sector is well positioned to benefit from rising demand for energy-efficient, reliable, and scalable infrastructure.

About Empower India Limited

Incorporated in 1981, Empower India Limited is traded on both the NSE and BSE. The company is focused on building capabilities aligned with India's evolving technology and digital infrastructure landscape. It aims to develop scalable solutions supporting AI adoption, digitalization, and the transition towards a sustainable energy ecosystem.

Empower has completed its acquisition of Milliman’s retirement administration business, a move that significantly expands its workplace solutions capabilities. The transaction, first announced on June 30, 2026, brings in specialized defined benefit administration expertise alongside existing retirement and wealth management offerings.

The deal adds approximately 400 defined benefit plans representing $80 billion in assets under administration. It also includes more than 1,100 defined contribution plans with over $50 billion in client assets, as well as 100 health and welfare administration clients. In total, the acquired business serves roughly 1.64 million participants across these segments.

What the Numbers Show

The acquisition injects substantial scale into Empower’s balance sheet. The combined assets from defined benefit ($80 billion) and defined contribution ($50 billion) plans total $130 billion. This single transaction accounts for a significant portion of Empower’s post-deal footprint of more than $2.3 trillion in assets under administration. The influx of 800 employees further supports the operational integration of these complex plan structures.

With this completion, Empower’s total footprint grows to an estimated 22 million lives served and 96,000 workplace plans. The company retains Milliman’s actuarial consulting business separately, allowing Milliman to focus on core areas such as data analytics and financial risk management.

Edmund F. Murphy III, President and CEO of Empower, stated that the addition strengthens solutions for employers and advisors by integrating defined benefit and defined contribution retirement, healthcare, and wealth management into a single platform. Dermot Corry, CEO of Milliman, noted the transaction maximizes opportunity for administrative professionals while allowing Milliman to concentrate on its consulting strengths.

This acquisition continues Empower’s disciplined growth strategy, following previous deals including Personal Capital, MassMutual’s retirement business, Prudential’s full-service retirement business, and Plan Management Corp. Eversheds Sutherland served as legal counsel to Empower, while K&L Gates and Chesky Partners advised Milliman.