Key Takeaways
- Infibeam Avenues signs MoU with Gujarat government for Rs 2K crore investment in AI Hub, strengthening India’s AI landscape.
- The MoU aims to develop cutting-edge vision AI technology for payments and platforms specifically tailored for retailers.
- The investment will be made by 2030, with the government playing a facilitative role in obtaining necessary permissions and clearances.
Ahmedabad: Infibeam Avenues Ltd. said on Tuesday that it has signed a Memorandum of Understanding (MoU) with the Gujarat government proposing an investment of Rs 2,000 crore by 2030 in its Artificial Intelligence (AI) Hub for developing cutting-edge vision AI technology for payments and platforms specifically tailored for retailers.
“This MoU with the Gujarat Government underscores Infibeam Avenues Ltd’s steadfast commitment to strengthen India’s AI landscape and promote collaboration to facilitate the growth and adoption of AI technology among retailers in the country,” the company said in a statement.
The MoU was signed at the ongoing Vibrant Gujarat Global Summit (VGGS) 2024.
Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Ltd, said, “With this MoU, we aim to fortify our partnership with the Gujarat government, opening up avenues for growth for retailers across the country. The incorporation of AI technology will not only elevate the competitiveness of retailers but also position Gujarat as a leading AI hub for innovative solutions in the rapidly expanding Indian retail sector.”
The MoU between Infibeam Avenues and the Gujarat government signifies a long-term relationship, where the government will assist the company in obtaining necessary permissions and clearances. This will be done in accordance with existing policies, rules, and regulations.
