LTIMindtree, the IT services and consulting arm of Larsen & Toubro, will invest $40-50 million in AI capabilities. The investment is planned for the current fiscal year (FY24) to develop AI offerings. Company aims to establish a steady revenue stream from the emerging technology strategy.
LTIMindtree, the IT services and consulting arm of Larsen & Toubro, plans to spend $40-50 million on AI capabilities and offerings in FY24. The investment aims to build a revenue stream from the emerging technology.
Despande said AI can transform IT and create opportunities for LTIMindtree. The company is well-positioned to capitalize on AI’s growth due to its innovation and expertise in IT.
The investment in AI by LTIMindtree aligns with the trend of IT firms investing in emerging technologies. Infosys, Wipro, and TCS are also investing in AI.
The growth of AI is driven by factors like data availability, cost-effective computing power, and new algorithms. AI is used in healthcare, finance, manufacturing, and retail.
LTIMindtree’s investment in AI shows commitment to innovation and belief in long-term potential.
The investment will help the company to stay ahead and capture a share of the growing AI market.
