Naver said on April 20 it signed a memorandum of understanding with Tata Consultancy Services (TCS), the IT arm of India’s Tata Group.

The signing took place in New Delhi as part of the Korea-India Business Forum held on the day. Attendees included Industry Minister Kim Jung-kwan (김정관), Naver CEO Choi Soo-yeon (최수연), Commerce Minister Piyush Goyal, and TCS CEO Ujjwal Mathur.

TCS provides tailored IT services, consulting and solutions in sectors including banking, manufacturing, retail, healthcare and telecommunications in more than 100 countries worldwide. Its annual revenue last year was about 44.2 trillion won.

Naver and TCS will combine capabilities in artificial intelligence (AI), cloud and business-to-consumer (B2C) services to explore business opportunities in AI transformation (AX) and digital transformation (DX) centered on the Indian market. They plan to create new business opportunities by combining platform technology, service ecosystems and data assets.

Choi said, "As India moves to expand its AI industry ecosystem, I hope we will create new business opportunities through technological cooperation."

Naver plans to identify tailored AI and cloud business opportunities in India’s market of 1.4 billion people through the partnership.