Colliers to construct Infibeam Avenues' $10 mn AI, tech hub in Ahmedabad

The AI hub will be established within GIFT City, Gujarat, with the Ahmedabad campus serving as an extension, slated to be operational within 18 months


GIFT City representative image

Vasudha Mukherjee New Delhi

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Colliers, a real estate consultancy firm, has secured a significant contract to develop the artificial intelligence (AI) and technology extension Hub in Ahmedabad for Infibeam Avenues. The Indian multinational fintech giant intends to establish an AI hub within GIFT City, Gujarat, with the Ahmedabad campus serving as an extension, slated to be operational within 18 months.

Spanning 400,000 square feet, Colliers has been awarded the $10 million cost-plus contract to execute this ambitious project.

The AI and technology hub will adopt a "symbiotic framework" aimed at fostering greater synergy within the ecosystem. This will provide tech companies with access to a comprehensive platform conducive to collaboration and innovation.

"Winning the Infibeam project reflects our capabilities and continuous endeavour to create value for our clients. Our subject matter experts, rich in knowledge and market expertise, never fail to drive unmatched results and deliver exceptional projects," said Indranil Basu, managing director of project management at Colliers India.

He added, "With a focus on technology, innovation, and operational excellence, we are dedicated to crafting Grade A spaces tailored for long-term growth. Backed by a proven track record and a team of industry-leading professionals, we are poised to ensure effective project management and deliver an outstanding outcome."

Payments infrastructure company Infibeam Avenues reported a profit of Rs 41.4 crore in the third quarter of financial year 2024 (Q3 FY24). This was a 15.7 per cent increase from Rs 35.8 crore during the same period last year. On a sequential basis, the company's profits rose from Rs 40.9 crore in Q2FY24.

In January 2024, the company also announced its plans to add AI as a "horizontal business vertical supporting Platforms and Payments".

"This is a significant milestone for us, and we believe that it will completely change the way businesses are done by us," said Vishal Mehta, chairman and managing director of the company, in a statement.

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First Published: Feb 13 2024 | 1:25 PM IST

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