IndiaAI startups resist Centre’s plan to seek equity for support

The Centre plans to hold discussions with the 12 companies approved under the IndiaAI Mission to build foundational artificial intelligence (AI) models for the portion of the capital structure not covered by announced grants. One of the 12 companies approved under the scheme told ET that the government has asked participants to issue Compulsory Convertible Debentures (CCDs) as part of the investment structure.