Blitz Bureau
NEW DELHI: Internet giant Naver said it has signed a memorandum of understanding (MOU) with the information technology (IT) arm of Tata Group to explore business opportunities in India.
The agreement with Tata Consultancy Services (TCS) was signed during a South Korea-India business forum hosted by the Federation of Korean Industries. It was attended by South Korean Industry Minister Kim Jung-kwan, Naver Chief Executive Officer (CEO) Choi Soo-yeon, Commerce and Industry Minister, Piyush Goyal, and TCS President Ujjwal Mathur, according to Naver.
Under the MoU, Naver and TCS will combine their capabilities in artificial intelligence (AI), cloud and business-to-consumer (B2C) services to pursue opportunities in AI and digital transformation, with a focus on the Indian market, reports Yonhap news agency.
Naver expects the partnership, which leverages TCS’ ecosystem services and data assets, to help create new revenue-generating opportunities in India.
“As India is actively expanding its AI ecosystem with the goal of becoming an AI powerhouse, we expect to create new business opportunities through this partnership with TCS, leveraging collaboration in AI, cloud and B2C services,” Naver CEO Choi said.
Meanwhile, Hyundai Motor said it has signed an agreement with TVS Motor Company Ltd. to collaborate in developing an electric three-wheeler for the Indian market.
Under the joint development agreement signed in New Delhi on Monday (local time), Hyundai Motor will lead the design and joint development of the electric three-wheeler, leveraging its research and development (R&D) capabilities and human-centric design approach. TVS Motor will co-develop the product using its electric vehicle (EV) platform and expertise in three-wheeler engineering, as well as its knowledge of the local market.
