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Infosys goes global, set to invest $10 million in Irish start-ups

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Bengaluru: Global software major Infosys Ltd on Friday announced it would invest $10 million (Rs.64 crore) in Ireland-based start-ups as it made a foray into the island-nation by winning a deal from Allied Irish Banks, plc.

“The $10-million investment in Irish start-ups will be from our global innovation fund to leverage our strategic partnership with Allied Irish Banks, a leading financial services group,” the company said in a statement here.

AIB Bank Centre, Ballsbridge, Dublin 4, Ireland
AIB Bank Centre, Ballsbridge, Dublin 4, Ireland

The innovation fund, set up in 2013 with $100 million, was expanded to $500 million in January by its first non-founder chief executive Vishal Sikka to invest in software product start-ups worldwide, including India, which are working in disruptive technologies.

“Investment in the Irish start-up community reflects our belief that Ireland is home to entrepreneurs who share our technology vision to drive growth,” Infosys’ financial services global head Mohit Joshi said in the statement.

The partnership with the Irish bank will be a springboard for the IT outsourcing major to expand its services into a new market and share its expertise with start-ups developing and enabling disruptive technologies.

We will leverage our domain expertise in financial services and other industry verticals to support digital transformation and strategic-growth plans of the Irish bank,” Joshi added.

To provide transformational and innovation services, the city-based company will set up a 200-seat development centre in Dublin for the Irish Bank staff.

(IANS)

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James Murdoch Isn’t Taking Over Tesla: Elon Musk

Musk is still the CEO of Tesla.

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Elon Musk, CEO of SpaceX. Wikimedia.

Tesla CEO Elon Musk has denied that James Murdoch, the younger son of media mogul Rupert Murdoch, is going to replace him at electric car maker Tesla.

Reacting to a Financial Times report that claimed James Murdoch was going to join Tesla as Chairman, Musk tweeted on Thursday that this was not true.

Tesla CEO Elon musk
Elon Musk agrees to step down as Chairman (VOA)

“This is incorrect,” tweeted Musk, reacting to the report.

James Murdoch, who serves as a director on Tesla’s board, is set to end his innings as 21st Century Fox’s CEO.

Media reports have also thrown names like former Vice President Al Gore and Jim McNerney of Boeing as potential candidates to lead Tesla.

tesla, maezawa, elon musk
Tesla has become the most valuable American carmaker, with its stock worth more than $50 billion. Pixabay

Coming under pressure from his lawyers and investors of Tesla, the tech billionaire on September 29 agreed to step down as Tesla Chairman for three years and paid a $20 million fine, in a deal with the US stock market regulatory authority, the Securities and Exchange Commission (SEC), to resolve securities fraud charges.

Also Read: Tesla Launches a New Programme That Lets You Send Images Into Space

Tesla paid another $20 million to the SEC, despite not being charged with fraud.

Musk is still the CEO of Tesla. (IANS)

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