Bangalore, November 2, 2023: Leading  fintech company Infibeam Avenues,  has announced that the company has moved one step closer towards successfully executing its plan for fostering the development of an AI and tech ecosystem, which can be finely tuned to meet the specific requirement of the company’s Artificial Intelligence (AI) operations while facilitating AI startups and businesses flourishing independently in a mutually beneficial ‘symbiotic’ framework.
As a preliminary move in establishing the envisioned IT and AI  Hub ecosystem, the Infibeam Avenues Ltd’s subsidiary Infibeam Projects Management Pvt Ltd has successfully acquired the partially constructed Sintex Corporate House from Aavas Trust, owned by Aditya Birla Group.  The deal has been concluded with an investment of approximately INR 1 Billion.
The newly acquired building will be an extension of Infibeam Avenues Ltd’s planned GIFT city AI Hub. In the first quarter of FY24, the company had announced its major plans to foray into Artificial Intelligence (AI) enabled fraud detection & prevention market space and a plan to come up with India’s first AI Hub at GIFT city.
"We are focusing on cultivating a harmonious AI and tech self-sufficient and symbiotic ecosystem, one that will not only bolster Infibeam's expansion within the AI and software development sector but also nurture the emergence of independent AI and technology enterprises in India," said Mr. Vishal Mehta, the Chairman and Managing Director of Infibeam Avenues Ltd.
The Ahmedabad campus, which will be the extension of GIFT city’s AI Hub, will have company’s own in-house team and it will house strategically invested AI and technology businesses under one roof, further enhancing the synergy and innovation within the ecosystem.