Japanese firms are looking to partner with Indian information technology companies to invest in local startups, according to a delegation from the Ministry of Economy, Trade and Industry attending India's largest IT industry event.
Seven firms, including Denso Corp., Hitachi Ltd. and Murata Manufacturing Co., have expressed interest in entering alliances with Indian IT firms on the occasion of the two-day Nasscom Product Conclave that opened on Thursday in Bangalore in the southern state of Karnataka.
"While Denso, Hitachi and Murata are seeking joint development of solutions in partnership with Indian IT firms, the four other companies are interested in startup investment opportunities," said Ai Yamamoto, an official from METI's Commerce and Information Policy Bureau.
Among the seven firms, Sasaki Food Co. is looking at "internet of things" technology for agriculture and industry while Nishikawa Communications Co., which has already set up a business process and research and development outsourcing base in India, has been in talks with local startups as it looks for advanced software, according to documents seen by NNA.
Nasscom, India's leading IT industry association, has identified Japan as a strategic market to promote collaboration on the digital front.
"The Japanese ecosystem is extremely innovative and competitive with new cutting-edge technology on the hardware side of things, and we believe Indian software capabilities in these new-age technologies complement each other well to co-develop and promote world-class solutions," the association said in a statement.
Established as India's largest product showcase to the world, Nasscom Product Conclave this year hosts over 75 venture capitalists and angel investors as well as accelerators, incubators and foreign delegations from the IT industry, according to Nasscom.