Aramco-backed Cognite taps India in AI growth move

Saudi Aramco-backed industrial software company Cognite has opened an AI services centre in the southern Indian city of Bengaluru and said it is exploring potential contracts with top conglomerates in the country.

The Norwegian company said it had signed up with a large industrial cement company and a major automotive company but declined to provide further details.

“Cognite is betting on India and is investing millions of US dollars currently and our investment in India will continue to increase,” chief strategy officer Hakon Bjerke said.

Cognite makes software that allows companies to improve the operations and safety of industrial installations, such as oil and gas platforms. It is controlled by Aker ASA, the investment firm of Norwegian billionaire Kjell Inge Roekke.

“The decision to come to India was really the big opportunity here as the world was looking for an alternative to China,” CEO Girish Rishi told Reuters.

Apple, Tesla and electronic component maker Jabil have announced plans to expand or launch in India following Prime Minister Narendra Modi’s push to bring global companies to set up centres.

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The recent boom in AI is changing the way many companies operate, with manufacturing companies tapping into the technology for streamlining operations, enhancing product quality and optimizing supply chains.

Cognite, which recently shifted its headquarters to the US, currently counts AkerBP, Japanese refiner Cosmo Energy Holdings and US-based Koch Chemical among its customers.

Saudi Aramco, via subsidiary Aramco Overseas Company, has acquired a 7.4 percent stake in Cognite ​as of February 2022.