Current Affairs - Business

Wipro, one of India’s leading IT companies, launched an AI hub at GIFT City in Gandhinagar to provide advanced AI-powered services to global Banking, Financial Services, and Insurance (BFSI) clients. The hub focuses on delivering solutions such as digital banking, regulatory technology, and risk management systems. It is designed with scalable capacity and aims to enhance innovation using the Wipro Intelligence platform. This initiative strengthens India’s position as a global fintech hub, promotes high-skilled job creation, and supports the growth of AI-driven financial services and digital transformation.

Nebius, an AI cloud company headquartered in Amsterdam, entered into a significant long-term agreement with Meta to provide AI infrastructure services. The deal spans five years and involves supplying dedicated computing capacity worth up to $12 billion, with additional commitments potentially raising the total contract value to around $27 billion. The infrastructure will utilise advanced technology, including the NVIDIA Vera Rubin platform, marking one of the earliest large-scale deployments of this system. This partnership highlights the growing demand for AI computing power and positions Nebius as a key player in the global cloud and artificial intelligence ecosystem.

The United States announced a historic $300 billion partnership with Reliance Industries Ltd to build a major oil refinery called “America First Refining” at the Port of Brownsville in Texas, United States. The project was announced by Donald Trump and represents the first major refinery construction in the U.S. in about 50 years. It is expected to be one of the cleanest refineries in the world and the largest investment in U.S. history. The initiative aims to strengthen energy security, create thousands of jobs, and stabilize global oil markets amid disruptions in supply routes such as the Strait of Hormuz.

PayU partnered with GoKwik to introduce India’s first Integrated Conversion-to-Completion stack aimed at improving the online shopping experience for Direct-to-Consumer (D2C) brands. The collaboration integrates GoKwik’s conversion intelligence with PayU’s advanced payment infrastructure to reduce revenue loss caused by checkout drop-offs and payment failures. This innovative solution helps merchants create a smoother and more reliable purchase journey for customers. By addressing common issues such as failed payments and abandoned carts, the integrated system supports businesses in scaling efficiently and maximizing revenue while ensuring a seamless transaction process for online shoppers.

ABB is a global automation and electrification company headquartered in Switzerland. The company announced a $75 million investment in India for 2026 as part of its “local-for-local” strategy, which focuses on strengthening domestic manufacturing and research capabilities. This investment builds on a previous $35 million investment in 2025 and contributes to more than $230 million invested in India over the last decade. The expansion will enhance facilities across multiple locations, including Bengaluru, Hyderabad, Nashik, and Vadodara. These investments will support innovation in areas such as sustainable mobility, high-speed rail propulsion, power technologies, and advanced research while also creating around 300 new skilled engineering and research jobs in India.