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Saudi Aramco-backed Cognite taps India in AI expansion bet

Saudi Aramco-backed Cognite taps India in AI expansion bet

Cognite, a Saudi Aramco-backed software company for industrial applications in Bengaluru in southern India, opened its AI service center on Wednesday and announced that it was exploring possible contracts with the top conglomerates of the country.

The company declined to give further details, but said that it had signed agreements with two major automobile companies and a large industrial-cement company.

Hakon Bjerke, chief strategy officer at Cognite, said that the company is "betting on India" and investing millions of dollars in India.

Cognite produces software to help companies improve the safety and operation of industrial installations such as oil and gasoline platforms. Aker ASA is the investment company of Norwegian billionaire Kjell-Inge Roekke.

CEO Girish RIshi said that the decision to move to India presented a great opportunity for the company, as it was a good alternative to China.

Apple, Tesla, and electronic component manufacturer Jabil announced plans to expand in India or to launch there following Prime Minister Narendra Modi’s call for global companies to establish centers.

AI has been a recent trend that is changing how many companies work. Manufacturing firms are utilizing the technology to streamline operations, improve product quality, and optimize supply chains.

Cognite counts AkerBP and Japanese refiner Cosmo Energy Holdings, as well as U.S.-based Koch Chemical, among its clients.

Saudi Aramco has, through its subsidiary Aramco Overseas Company B.V. acquired a 7.4% share in Cognite as of February 2022. (Reporting by Chandini Monnappa in Bengaluru; Editing by Shreya Biswas)

(source: Reuters)