By Chandini Monnappa

(Reuters) – Saudi Aramco-backed industrial software firm Cognite on Wednesday opened its AI services center within the southern Indian city of Bengaluru and said it was exploring potential contracts with top conglomerates within the country.

The corporate said it had signed up with a big industrial cement company and a significant automotive firm but declined to supply further details.

“Cognite is betting on India and is investing hundreds of thousands of U.S. dollars currently and our investment in India will proceed to extend,” chief strategy officer Hakon Bjerke said.

Cognite makes software that enables corporations to enhance the operations and safety of business installations, comparable to oil and gas platforms. It’s controlled by Aker ASA, the investment firm of Norwegian billionaire Kjell Inge Roekke.

“The choice to return to India was really the massive opportunity here because the world was in search of a substitute for 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 corporations to establish centers.

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

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

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

(Reporting by Chandini Monnappa in Bengaluru; Editing by Shreya Biswas)