Naver (035420.KS) is joining hands with Tata Consultancy Services (TCS), the IT affiliate of India's largest conglomerate Tata Group, to explore business opportunities in India.
Naver announced Thursday that it signed a memorandum of understanding (MOU) with TCS in New Delhi on November 20 local time. The signing ceremony was held as part of the Korea-India Business Forum organized by the Federation of Korean Industries. Attendees included Korea's Minister of Trade, Industry and Energy Kim Jung-kwan, Naver CEO Choi Soo-yeon, India's Minister of Commerce and Industry Piyush Goyal, and TCS CEO Ujjwal Mathur.
TCS is India's largest IT services firm, posting annual revenue of $30 billion last year. Focused on AI and cloud services, the company provides customized IT services, consulting, and solutions across various industries, including banking, manufacturing, retail, healthcare, and telecommunications, in more than 100 countries worldwide.
Through the MOU, Naver and TCS will combine their respective capabilities in AI, cloud, and business-to-consumer (B2C) services to explore diverse business opportunities in India's AX (AI transformation) and DX (digital transformation) sectors. The two companies expect that the organic combination of Naver's platform technology with TCS's service ecosystem and data assets will create highly profitable new business opportunities.
"India is actively expanding its AI industry ecosystem with the goal of becoming an AI powerhouse," Choi said. "We look forward to creating new business opportunities through technology cooperation centered on AI, cloud, and B2C services." Building on the partnership with TCS, Naver plans to actively pursue localized AI and cloud business opportunities in India's 1.4 billion-person market.
