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Tech Mahindra to Invest $79 Mn in Canada to Develop AI and Blockchain Solutions

February 26, 2018 16:09
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Indian IT major, Tech Mahindra has planned a strategic investment of $79 million in next five years to establish a centre of excellence (COE) in Canada which will focus in the development of next-generation technologies in Artificial Intelligence and Blockchain applications. The announcement from the company follows the visit of Canadian prime minister, Justin Trudeau to India to enhance bilateral ties between both nations.

The company issued a statement announcing the move: “An investment of CAD 100 million dollars (about Rs 510 crore) is planned over next 5 years to establish a new ‘Center of Excellence’ (COE) in Canada,” the statement added: “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,”

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“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 COE will be based in Toronto and the strategic initiative will focus on the development of next-gen technologies and be aiming to cater the needs of growing demand and need of AI and Blockchain application in Fintech and Smart-city applications. It will collaborate with leading academic institutions, innovators and accelerators in the start-up eco-system.

Minister of Innovation, Science & Economic Development of Canada, Navdeep Bains said: “We are committed to supporting new well-paying Canadian jobs and industry growth in emerging technologies such as Artificial Intelligence and Blockchain.”

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