AI project: UP Govt scraps INR 25,000 cr MoU with Bengaluru-based startup

The Uttar Pradesh Government has cancelled a proposed INR 25,000 crore Memorandum of Understanding (MoU) signed with Bengaluru-based startup Puch AI for developing artificial intelligence infrastructure in the state, citing lack of financial credibility on the part of the firm.

In a statement issued on the official handle of InvestUP on Thursday, the Government said the decision was taken after a review conducted as per standard operating procedures revealed that the company did not possess the requisite net worth or credible financial linkages to execute a project of such magnitude.