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Business News/ Companies / Infosys CEO Vishal Sikka meets Modi; dedicates $250 mn to Innovate in India
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Infosys CEO Vishal Sikka meets Modi; dedicates $250 mn to Innovate in India

The company is looking at investing in great Indian start-ups, and helping amplify their engineering and operations

Sikka has emphasized in the past on design thinking and training its employees in areas such as artificial intelligence and computer science. Photo: Aniruddha Chowdhury/MintPremium
Sikka has emphasized in the past on design thinking and training its employees in areas such as artificial intelligence and computer science. Photo: Aniruddha Chowdhury/Mint

Bengaluru: Infosys Ltd said on Wednesday it would spend $250 million to fund innovations in the country.

India’s second-largest software services exporter said last week that it expanded its fund to $500 million from $100 million, which it would use to invest in start-ups in the fields of artificial intelligence, automation and next-generation technologies.

“With the ‘Innovate in India’ fund, Infosys will invest in great Indian start-ups, help amplify their engineering and operations, as well as help bring their innovations at market to scale," chief executive Vishal Sikka said in a statement.

Sikka has emphasized in the past on design thinking and training its employees in areas such as artificial intelligence and computer science.

Separately, the company said it would invest to develop its Mysore campus as a smart city by April 2015. The campus hosts more than 15,000 trainees and over 8,000 employees.

The announcement was made during a meeting with Prime Minister Narendra Modi in New Delhi. The government aims to build 100 smart cities across the country.​

“Our model ecosystem at Mysore will serve as a live, replicable example of smart city innovations that will harness all the advantages of digitization," Sikka said in a statement.

On Friday, Infosys posted a 13% increase in third-quarter profit, beating analyst estimates.

“I don’t know if it’s as good a strategy as people make it out to be... My view is that it sounds exciting, but it’s not easy, partly because I know the experiences other companies have had. Making investments valuable to the core business is going to be harder than what you think it is," JP Morgan analyst Viju George said.

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Published: 14 Jan 2015, 04:18 PM IST
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