Naver Signs MOU with Tata Consultancy Services to Explore AI, Cloud Opportunities in India

SEOUL, April 20 (Yonhap) -- Internet giant Naver Corp. said Monday it has signed a memorandum of understanding (MOU) with the information technology (IT) arm of India's Tata Group to explore business opportunities in the South Asian nation. The agreement with Tata Consultancy Services (TCS) was signed during a South Korea-India business forum hosted by the Federation of Korean Industries in New Delhi, attended by South Korean Industry Minister Kim Jung-kwan, Naver Chief Executive Officer (CEO) Choi Soo-yeon, Indian Commerce Minister Piyush Goyal and TCS President Ujjwal Mathur, according to Naver. Under the MOU, Naver and TCS will combine their capabilities in artificial intelligence (AI), cloud and business-to-consumer (B2C) services to pursue opportunities in AI and digital transformation, with a focus on the Indian market. Naver expects the partnership, which leverages TCS' ecosystem services and data assets, to help create new revenue-generating opportunities in India. "As India is actively expanding its AI ecosystem with the goal of becoming an AI powerhouse, we expect to create new business opportunities through this partnership with TCS, leveraging collaboration in AI, cloud and B2C services," Naver CEO Choi said.