Infibeam Avenues signs pact with Gujarat to invest Rs 2,000 crore by 2030

Fintech firm Infibeam Avenues on Tuesday said it has inked a pact with the Gujarat government to invest Rs 2,000 crore in the state by 2030.

The company announced the investment plan on the sidelines of the 10th edition of the Vibrant Gujarat Global Summit (VGGS) 2024.

Infibeam said the proposed investment will go into its artificial intelligence (AI) hub for developing technology for payments and platforms specifically tailored for retailers.

"With this MoU, we aim to fortify our partnership with the Gujarat government, opening up avenues for growth for retailers across the country," Infibeam Avenues Chairman and Managing Director Vishal Mehta said in a statement.

Infibeam Avenues has named its AI-Hub located at GIFT city, Gandhinagar, as 'Phronetic.ai.

Gensol Engineering, a renewable energy and electric mobility firm also, signed a Memorandum of Understanding with the government, to invest Rs 2,000 crore towards setting up an electric vehicle manufacturing unit.