British software solutions provider Intelligent Business Systems plans to set up a research and product development centre in India to leverage the growth potential in the world's fastest growing technology market.
"We will be setting up a development centre in Mumbai, where we will be employing more than 300 people. The centre will develop systems and solutions for the global market," company CEO Kaustubh Chokshi told PTI in Mumbai.
The proposed centre will be operational in three months, he added.
The company, which is implementing computational and artificial intelligence for Business Intelligence (BI) solutions, is planning to tap the growth potential in the banking and retail industry in the country.
"Our core competence is in artificial intelligence with a sharpened focus in adapting the AI models in providing customised business solutions. In the commercial point of view these solutions will have applications in banking and retail sector, which we are targeting in India to make a beginning," Chokshi said.
The unlisted company is also developing solutions for fraud management targeting the BFSI segment.
"The India centre will be developing these products, which has got a huge market in the country as well as outside," he said.
IBS also has interests in varied disciplines of robotics and bioinformatics.