Apple to pay Rs 50 crore to Punjab University

In a bid to woo a new investor, Apple has been offering the university a cash compensation package of Rs 50 cr each.

The deal is expected to be finalised on Wednesday.

The university has been looking for new investment for the past six years.

In June, the board of trustees announced that it was seeking a fresh infusion of capital from outside.

Apple has been keen to invest in the university’s core business of digital media platforms like the Apple Music, iTunes and Apple TV, which are key to its ongoing strategy to monetise its massive user base and continue to build its business from India.

Apple, which has a stake in more than 10 percent of the university, is currently running a virtual conference in Hyderabad, a city in Punjab.

The company is also working on a deal to develop an artificial intelligence platform called Siri that will be used to deliver advertising to Apple platforms.

Apple had invested Rs 50 crores in the Punjab University’s flagship digital media and online education business in 2016, a year before the university launched its campus.

Apple also set up a strategic partnership with a local startup, Parse, to develop a cloud-based platform to deliver digital marketing services.

The university, which was set up in 2003, had a Rs 3.9 billion budget as of March 2017, and has invested around Rs 50-100 crore in its operations over the past two years.

The state government has allocated around Rs 20 crore for the university over the next five years.