New delhi: Internet giant Naver Corp. announced on Monday that it has entered into a memorandum of understanding (MOU) with Tata Consultancy Services (TCS), the information technology arm of India's Tata Group, to explore business opportunities in India.

According to Yonhap News Agency, the agreement was formalized during a South Korea-India business forum organized by the Federation of Korean Industries in New Delhi. The forum was attended by key figures such as South Korean Industry Minister Kim Jung-kwan, Naver CEO Choi Soo-yeon, Indian Commerce Minister Piyush Goyal, and TCS President Ujjwal Mathur.

The MOU outlines a collaboration between Naver and TCS to merge their expertise in artificial intelligence (AI), cloud, and business-to-consumer (B2C) services. This partnership aims to harness opportunities in AI and digital transformation, specifically targeting the Indian market.

Naver anticipates that this collaboration will tap into TCS' ecosystem services and data assets, creating new revenue-generating prospects in India. "As India is actively expanding its AI ecosystem with the goal of becoming an AI powerhouse, we expect to create new business opportunities through this partnership with TCS, leveraging collaboration in AI, cloud and B2C services," stated Naver CEO Choi Soo-yeon.