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Infibeam Avenues signs MoU with Gujarat govt for Rs 2K crore investment

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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 company said that the MoU signifies the long-term relationship with the Government of Gujarat, where the government will play a facilitative role, assisting Infibeam Avenues Ltd in obtaining necessary permissions, registrations, approvals, and clearances from relevant state and central government departments in accordance with existing policies, rules, and regulations.

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