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Funny to think it though, cause Techland can technically be considered indie, they just happen to make AAA quality titles and they sure struggled to keep that standard.
Truthfully there isn't a concrete definition for any of these "AAA" and "Indie" terms, we could argue the semantics about it all day long, but ubisoft isn't an indie studio, Ubisoft isn't just one studio either.
They acquire and absorb companies that also end up carrying the Ubisoft name globally. As an example, Ubisoft Reflections used to just be called "Reflections". They otherwise publish games through the companies that they acquired that are all listed on wikipedia