LTIMindtree opens Agentic AI Centre in Nicosia, nudging India–Cyprus tech ties

“Hopefully, we’ll outgrow this space soon,” quipped Srinivas Rao, LTIMindtree’s EVP & Chief Business Officer, opening a cosy launch ceremony at Nicosia’s CYENS. The Indian IT giant was inaugurating its new Agentic AI and Digital Centre in Cyprus, which aims to modernise digital infrastructure for clients including Eurobank Cyprus, Fairfax and others across Europe.

Putting AI agents at work

The new Centre will also house Voicing.AI, a conversational AI agent startup in which LTIMindtree invested $6 million in 2023. AI agents are the defining trend of the Generative AI (GenAI) market. A recent survey by US cloud firm PagerDuty, based on feedback from 1,000 IT and business executives across the US, UK, Australia, and Japan, found that 51% of companies have already deployed them. Why? Put simply, AI agents can perceive their environment, adapt and take initiative – solving problems in ways no previous technology could. They are also central at the ongoing debate on AI’s impact on jobs, as they are well-suited for repetitive, routine and rule-based tasks. So, Voicing.AI’s inclusion hints at one likely direction for the Centre: deploying AI agents in banking call centres.

The new Centre is part of a broader pivot by LTIMindtree to place artificial intelligence at the core of its business, including the launch of an AI marketplace. “This will become a collaborative space to bring creative solutions to market,” Rao said.

Srinivas Rao

The Eurobank connection

This move builds on a multi-year partnership between Eurobank Group and LTIMindtree, launched earlier this year when the Greek banking group opened its first offshore IT centre in India. At the CYENS ribbon-cutting, Eurobank Group CEO Fokion Karavias emphasised how the partnership has evolved: LTIMindtree was previously chosen as the lead services partner for Eurobank Luxembourg’s Temenos-based core banking overhaul. “And this is our first Agentic AI project,” Karavias added.

Fokion Karavias

Formed in 2022 from the merger of L&T Infotech and Mindtree, the Mumbai-headquartered firm now operates in 41 countries, with 117 offices and $4.5 billion in revenue (as of March 2025). Its clients include over 100 Fortune 500 companies. Just this May, it signed its largest-ever contract: a US$450 million multi-year deal that cements its place among global IT service heavyweights. LTIMindtree is no stranger to Cyprus' financial sector either. In 2023, it was tapped by Hellenic Bank – now fully owned by Eurobank – as a sourcing partner for its digital revamp.

Charalambos Prountzos

Setting it up fast

The Centre’s scale of ambition is matched by the speed at which it came together. At the ceremony, Cyprus’ Deputy Minister for Research, Innovation and Digital Policy, Nicodemos Damianou, said the Ministry helped set up the Centre in just five weeks – from idea to ceremony. The decision to house it at CYENS, one of the country’s leading R&D hubs, came from the Mayor’s Office. “And there’s plenty of space at CYENS for your growth,” Mayor Charalambos Prountzos quipped back at Rao.

Fairfax Digital Services CEO Sanjay Tugnait also joined the launch – Fairfax, the Canadian holding company, owns just under 33% of Eurobank’s share capital. “This Centre,” Tugnait said, “is about creating technology for the good of humankind.”

Sanjay Tugnait

A broadening business corridor

More than a ribbon-cutting, the launch signals a potent match between Cyprus and India. Cyprus offers plenty of room for GenAI growth, while India – already the top adopter of GenAI in Asia Pacific – aims to become a global leader in the space. Layer that with deep business ties (Cyprus remains one of India’s top 10 investors) and the Agentic AI Centre could become a springboard for even deeper collaboration. That, at least, was the mood in the air.

Nicodemos Damianou