Infibeam Avenues Ltd, a publicly traded fintech firm, is set to advance its Artificial Intelligence Hub (AI-Hub) at GIFT City through the potential acquisition of GIFT Tower-Two. The deal, valued at over Rs 300 crore, represents a significant strategic move for the company.
Sources indicate that the transaction with IL&FS Financial Services Ltd is nearing completion and is expected to finalize within days. Neither Infibeam Avenues Ltd nor IL&FS Financial Services Ltd responded to email queries before publication, but insiders remain optimistic about the deal’s imminent closure.
Infibeam Avenues Ltd has been transforming this landmark into a premier AI-Hub. At the recent Vibrant Gujarat Summit 2024, Infibeam signed a Memorandum of Understanding (MoU) with the Gujarat Government to enhance its AI initiatives. These include launching Phronetic.AI, its dedicated AI business unit, introducing its first AI solution—AI Facility Manager, and partnering with the Entrepreneurship Development Institute of India (EDII) to promote AI adoption among entrepreneurs, MSMEs, and startups.
“Infibeam plans to double down on its investment in GIFT City by turning the iconic GIFT Tower-Two into one of the largest Artificial Intelligence Hubs in the country,” stated a source familiar with the development. This acquisition aligns with Infibeam Avenues Ltd’s vision of making GIFT City a global AI powerhouse and underscores its commitment to leveraging cutting-edge technology to drive growth and innovation.
Sources also suggest that the EDII may establish a new AI center at GIFT Tower-Two, with other prominent AI companies likely to follow. “In recent months, a few top AI companies have visited the building to evaluate its suitability for housing their AI facilities,” informed the source. A key advantage of GIFT City is its 24×7 uninterrupted electricity supply, crucial for the development of sustainable AI facilities.
Recently, international tech giant IBM signed an MoU with the Gujarat Government to establish an AI-Hub in GIFT City. Gujarat International Finance Tec-City (GIFT City), India’s first operational smart city and International Financial Services Centre (IFSC), offers state-of-the-art infrastructure and top-notch facilities, attracting both national and international businesses. Announced in June 2007 by then Chief Minister of Gujarat, Narendra Modi, GIFT City was envisioned as an ambitious project to rival global financial hubs like Singapore and Dubai. The project gained momentum after Modi became Prime Minister, leading to the establishment of the International Financial Services Centre Authority (IFSCA) in April 2020 under the IFSC Authority Act, 2019.