New Delhi: Infosys CEO Vishal Sikka on Wednesday met Prime Minister Narendra Modi and disclosed that his company will spend $250 million (over Rs 1,500 crore) to fund innovations in software and services in India.
The chief of India's second largest IT services firm also discussed with Mr Modi ways in which the company can participate in the Prime Minister's vision of smart and digitally empowered India.
Infosys will develop software for managing the 'Kumbh Mela' scheduled in Ujjain (Madhya Pradesh) in 2016, he told PTI in an interview.
Infosys later said in a statement that it will use the Innovation Fund to invest in India's young companies innovating in next-generation solutions and technologies like artificial intelligence, automation, pervasive connectedness as well as collaboration and design technologies.
It further said it will invest in great Indian start-ups, help amplify their engineering and operations, as well as help bring their innovations to market at scale.
The Bangalore-based firm also said it will provide its expertise in the areas of smart infrastructure planning and sustainable building technology to the Ministry of Urban Development.
The concept of a smart and sustainable city is based on leveraging the power of data and the latest technologies in building and use of IT to minimise energy and resource consumption, increase the use of renewable energy, and reduce and manage waste effectively.
Shares in Infosys, on Wednesday, ended almost 2 per cent up at Rs 2,128.80 apiece on the BSE.