French ‍cosmetics giant ‍L’Oréal said on Wednesday it will ​set up a beauty tech hub in the south ⁠Indian city of Hyderabad with an initial investment ⁠of over 35 ‌billion rupees ($383.4 million).

The hub aims to be a global base for AI-driven ⁠beauty innovation, create 2,000 tech jobs through 2030, and speed up the rollout of advanced AI beauty solutions, the company said ⁠in a statement. Nicolas Hieronimus, ​L’Oréal CEO, and the state government of Telangana formalized the partnership ‍at the World Economic Forum, Davos.

Telangana has rapidly emerged ​as a key investment and technology hub in southern India.

Bilateral trade between India and France stood at $15 billion in 2024, and Indian Prime Minister Narendra Modi and French President Emmanuel Macron have been forging warmer ties.

The two sides have also been working to recast their tax treaty ⁠since 2024 to modernize ‌it by adapting global standards on tax transparency, Reuters reported in December.

($1 = 91.2860 Indian ‌rupees)

(Reporting by ⁠Urvi Dugar and Haripriya Suresh in Bengaluru; Editing by ⁠Nivedita Bhattacharjee and Mrigank Dhaniwala)