New Delhi, Dec. 29 -- The artificial intelligence (AI) battleground is heating up. Tier-2 IT services firm Coforge Ltd has become the latest Indian player to join its peers in the acquisition spree sweeping the sector. On Friday, the company announced the purchase of US-based engineering and AI-led services firm Encora at an enterprise value of $2.35 billion from Advent International, Warburg Pincus and other minority shareholders.

The all-stock deal will bring Advent and Warburg Pincus onto Coforge's board, a move that could bolster its fundraising prospects. Coforge will issue shares worth $1.89 billion to Encora's shareholders at Rs.1,815 apiece, and may raise about $550 million through a qualified institutional placement or a bridge ...