BENGALURU: Tech Mahindra, India’ fifth largest IT services company, said it would invest 100 million Canadian dollar over five years to set up a center of excellence in artificial intelligence (AI) and blockchain.
The company said this “strategic investment” would focus on emerging technologies that are driving innovation across industries and cater to increasing demand for applications in fintech industry and smart cities’ projects.
The centre of excellence, to be based out of Toronto, would jointly develop business solutions in digital technologies with academic institutes, innovators and accelerators in the start-up ecosystem such as the Vector Institute.
“It will pave the way for Canadians and Indians to access cutting-edge technology, while creating a niche talent pool and job opportunities in next-gen technology areas,” said the company in a statement.
Canada has recently brought in flexible immigration norms encouraging Indian IT services and other companies to explore opportunities there. These companies are seeing protectionism in the US, largest IT services export market.
“This strategic partnership between the Canadian govt. and Tech Mahindra has tremendous socio- economic synergy, considering the common values of both countries,” C P Gurnani, CEO & MD, Tech Mahindra, was quoted in the statement.
The company said this “strategic investment” would focus on emerging technologies that are driving innovation across industries and cater to increasing demand for applications in fintech industry and smart cities’ projects.
Tech Mahindra's announcement comes at a time when the Prime Minister of Canada, Justin Trudeau is visiting India to promote enhanced bilateral collaboration between Canada and India.
The centre of excellence, to be based out of Toronto, would jointly develop business solutions in digital technologies with academic institutes, innovators and accelerators in the start-up ecosystem such as the Vector Institute.
“It will pave the way for Canadians and Indians to access cutting-edge technology, while creating a niche talent pool and job opportunities in next-gen technology areas,” said the company in a statement.
Canada has recently brought in flexible immigration norms encouraging Indian IT services and other companies to explore opportunities there. These companies are seeing protectionism in the US, largest IT services export market.
Discover the stories of your interest
“This strategic partnership between the Canadian govt. and Tech Mahindra has tremendous socio- economic synergy, considering the common values of both countries,” C P Gurnani, CEO & MD, Tech Mahindra, was quoted in the statement.
Get Unlimited Access to The Economic Times
