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7 month extension for Reliance Communications to pay off debt
Published
7 years agoon
Anil Ambani on Friday fought to assure investors Reliance Communications, will be able to pay 60% of it’s Rs 45,000 crore debt by December 2017. A consortium of lenders invoked a strategic debt restructuring (SDR,) program that will give the telecom firm a remission of 7 months to repay debts.
RCom chairman in a rare press appearance announced two plans that will allow the company to considerably trim the debt. These plans, approved by the lenders, include the Rs. 11,000 crore sale of its tower business to Canadian firm Brookfield Infrastructure and the merger of wireless business RCom with Aircel. These transactions are believed to lead to a reduction of Rs. 25,000 crore.
Recently Fitch Ratings downgraded RCom, following Moody’s Investors Service who has also slashed its ratings. But Ambani was confident of the two deals coming through by September and termed the debt reduction to be the largest in the history of India.
In case the company is unable to meet the deadline, the lenders, who have constituted a joint lenders forum, will convert the debt into equity. They will have the option to do any form of restructuring they want to do.
The company is also looking at the sale of global business such as Global Cloud Exchange, DTH and real estate. RCom CFO, Puneet Garg added that the telecom sector is among the highest taxed in India and therefore may see up to 40,000 job losses this year.
The company was also affected by the latest entry into the telecom industry, Reliance Jio, owned by elder brother Mukesh Ambani. RCom reported its first annual loss of Rs. 1,283 crore in 2017 against a net profit of Rs. 660 crores in 2015-2016.
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Bengaluru-Based KOGO Launches AI Agent Store to Simplify Business AI Adoption!
Published
4 hours agoon
November 23, 2024Bengaluru-based full-stack AI company KOGO has unveiled its innovative AI Agent Store, a platform designed to revolutionize how businesses adopt and integrate artificial intelligence. Positioned as a comprehensive marketplace for AI tools, the store is set to simplify AI adoption and foster growth across diverse industries.
A New AI Marketplace
The KOGO AI Agent Store operates similarly to an app store but focuses exclusively on AI tools and agents. Businesses can browse a wide selection of pre-built AI agents tailored for tasks such as customer support, anomaly detection, and appointment scheduling.
Key Features of the AI Agent Store
- Wide Selection of Agents: The store offers hundreds of advanced AI agents that enable businesses to adopt AI for their operations from day one.
- Ease of Integration: With just a few clicks, these tools can be integrated into existing business systems, making them operational in minutes.
- Developer Contributions: Developers can create custom AI workflows and sell them on the platform, fostering a collaborative ecosystem that serves industries like healthcare, travel, finance, and retail.
Simplified Integration and Customization
The platform addresses common challenges in AI adoption through an intuitive interface and seamless integration capabilities. Businesses can deploy AI agents on websites or voice platforms with minimal coding requirements.
Additional Support Features
- Built-in Analytics: KOGO provides analytics to track performance and usage, enhancing decision-making processes.
- AI Agent Builder: Developers can utilize the KOGO AI Agent Builder, which offers pre-designed templates for quick customization and deployment.
- Pay-as-You-Go Model: The platform supports a pay-as-you-go model, allowing businesses to pay only for the tools they use, making AI adoption cost-effective.
Leadership’s Vision
KOGO’s leadership emphasizes the platform’s transformative potential.
Raj K Gopalakrishnan, Co-Founder & CEO of KOGO, remarked:
“The KOGO AI Store opens the door to the future of business innovation in India and beyond. By offering diverse AI agents and empowering developers to create and publish custom tools, we’re enabling businesses to enhance operations, boost productivity, and drive growth seamlessly.”
Praveer Kochhar, Co-Founder & CPO, added:
“As demand for AI grows, the KOGO AI Store exemplifies our vision of a future where AI is seamlessly integrated into everyday business processes. We’re bringing cutting-edge technology to industries globally.”
About KOGO
Founded in 2020, KOGO is a deep-tech AI company focused on transforming human-computer interaction through its proprietary KOGO OS. This operating system powers the world’s largest AI Agent Store, utilizing a swarm of Small Language Models (SLMs) to interpret and execute natural language tasks.
Future Goals
With its AI Agent Store, KOGO aims to become the largest AI marketplace by 2025, driving innovation and accessibility in artificial intelligence for businesses of all sizes. The company has already secured $3 million in funding and reported a revenue of ₹2.5 crore for the fiscal year 2023-24.
Market Context
The global market for AI agents is expected to generate $31 billion in revenue by the end of 2024, with a projected annual growth rate of 32%, according to market research firm Emergen Research. Major players in this space include Google, IBM, AWS, Microsoft, Oracle, Meta, Salesforce, along with startups like Kore.ai and FluidAI.
Conclusion
KOGO’s launch of the AI Agent Store represents a significant step towards democratizing access to artificial intelligence for businesses across various sectors. By simplifying the integration process and offering customizable solutions tailored to specific industry needs, KOGO is poised to enhance operational efficiency and drive growth in an increasingly competitive landscape. As the demand for AI continues to surge, this innovative platform may well redefine how organizations approach technology adoption in their workflows.
Latest News
Google Faces DOJ Push to Divest Chrome and Android to Restore Search Market Competition!
Published
4 hours agoon
November 23, 2024In a landmark case that could redefine the digital landscape, the U.S. Department of Justice (DOJ) has called for Alphabet’s Google to take sweeping measures to address its dominance in online search. Prosecutors are urging Google to sell its Chrome browser and potentially its Android operating system, along with adopting other significant reforms, to break what has been deemed an illegal monopoly in search and related advertising markets.
DOJ’s Proposed Measures
The DOJ’s proposals aim to restore competition in the search market, where Google processes about 90% of all U.S. searches. These measures, which could remain in place for up to a decade, include:
- Divesting Chrome: Google would be required to sell its Chrome browser to reduce its control over user data and ad targeting.
- Selling Android (if necessary): If other remedies fail to create competition, Google might have to divest its Android mobile operating system.
- Ending Exclusive Agreements: Google would no longer be allowed to pay billions to device manufacturers like Apple to make its search engine the default option.
- Data Sharing: Google must license its search results to competitors at nominal costs and share user data freely, provided it does not breach privacy laws.
- Opt-Out for Publishers: Websites and publishers would have the ability to exclude their content from training Google’s AI tools.
To ensure compliance, the DOJ has proposed establishing a five-person technical committee, funded by Google, with the authority to oversee enforcement.
Impact on Competition
Prosecutors argue that Google’s practices create a “perpetual feedback loop” that solidifies its market dominance through increased user data and advertising dollars. The DOJ claims these anti-competitive practices have deprived rivals of opportunities to innovate and grow.
Kamyl Bazbaz, head of public affairs at search engine DuckDuckGo, described the proposals as a significant step toward leveling the playing field, enabling smaller competitors to enter the market more effectively.
Google Pushes Back
In response, Alphabet Chief Legal Officer Kent Walker criticized the DOJ’s proposals, calling them “unprecedented government overreach.” Walker warned that these measures would harm consumers, developers, and small businesses, jeopardizing America’s technological leadership.
Google contends that forcing the sale of Chrome and Android—both built on open-source platforms—would negatively impact companies that have developed their products on these frameworks. Walker stated:
“The DOJ’s proposal would literally require us to install not one but two separate choice screens before you could access Google Search on a Pixel phone you bought.”
The company is set to present its counter-proposals in December, with the trial on the DOJ’s recommendations scheduled for April.
Chrome and Android: Key Assets Under Scrutiny
Chrome, the world’s most popular web browser, and Android, a dominant mobile operating system, are integral to Google’s business model. Both platforms enable Google to promote its search engine and gather user data, which drives its advertising revenues.
Prosecutors argue that Google’s bundling of its search engine with these platforms has stifled competition. The DOJ’s proposals would prohibit Google from mandating that Android devices include its search engine or AI tools, offering companies more freedom to choose alternatives.
Global Context
This case follows similar regulatory actions in Europe, where Google has faced fines and data-sharing requirements. DuckDuckGo has accused Google of circumventing European Union rules—a charge that Google denies while citing its commitment to user trust and privacy.
Next Steps
As the DOJ prepares for a trial in April 2025 regarding these recommendations, the outcome could reshape not only Google’s operations but also the broader tech industry. The stakes are high for both the company and the future of competition in digital markets.
Potential Implications
If successful, these measures could lead to significant changes in how tech companies operate within competitive markets. A divestiture of Chrome or Android may open up opportunities for new entrants in both browser and mobile operating systems markets.
Conclusion
The ongoing legal battle between the DOJ and Google represents a critical moment in antitrust enforcement within the tech industry. As regulators seek to dismantle monopolistic practices that hinder competition, all eyes will be on how this case unfolds and what it means for consumers and competitors alike. The potential restructuring of Google’s core services could pave the way for a more competitive landscape in digital search and advertising.
Latest News
Blinkit Launches 10-Minute Delivery for Decathlon Products Nationwide!
Published
23 hours agoon
November 22, 2024Blinkit has unveiled a new service that promises to deliver Decathlon products straight to customers’ doorsteps in just 10 minutes. This fast delivery option is available in all cities where Blinkit operates, including smaller locations like Bareilly, Roorkee, and Bhopal, thereby expanding the convenience of shopping for high-quality products to a broader audience.
Exciting Announcement from Blinkit
Albinder Dhindsa, CEO of Blinkit, shared his excitement about the launch on social media, emphasizing the ease and speed of the new service:
“Decathlon is now available on Blinkit! Customers can now get sports and gym equipment, winter essentials, yoga needs, travel bags, and apparel—all delivered in just 10 minutes. The coolest part is that we’ve launched Decathlon products in all cities we deliver in, including Bareilly, Roorkee, Bhopal, and more.”
This collaboration between Blinkit and Decathlon aims to provide fitness enthusiasts and adventurers with quick access to the gear they need without having to step outside their homes. The service is designed to make the shopping experience more convenient and hassle-free, especially for those in smaller cities who may not have easy access to Decathlon stores.
Additional Features and Services
In addition to the 10-minute delivery service for Decathlon products, Blinkit recently launched a 10-minute returns and exchanges feature. This innovative service allows customers to request returns or exchanges for clothing and footwear, with their requests completed within just 10 minutes.
Expansion of Returns and Exchanges
Initially tested in the Delhi-NCR region, this returns and exchanges feature has now been expanded to major cities such as Mumbai, Bangalore, Hyderabad, and Pune, with plans for further rollout across additional locations.
Dhindsa expressed enthusiasm about this feature as well:
“The cool part is that returns and exchanges will be completed within 10 minutes of raising a request! After a successful test run in Delhi-NCR, we’ve now enabled it for Mumbai, Bangalore, Hyderabad, and Pune.”
This initiative aims to alleviate “size anxiety” for online shoppers by making it easier for customers to feel confident when purchasing clothing and shoes.
The Impact on Quick Commerce
With these new services, Blinkit continues to innovate in the delivery space, offering more convenience to customers across the country. The quick commerce model has gained significant traction in India, driven by consumer demand for speed and efficiency.
Market Context
The Indian quick commerce market has experienced exceptional growth, reaching a Gross Merchandise Value (GMV) of $2.8 billion in 2023—marking a 77% year-on-year increase. Major players like Blinkit are capitalizing on this trend by partnering with well-known brands such as Decathlon to enhance their offerings.
Conclusion
Blinkit’s partnership with Decathlon represents a strategic move to solidify its position in the competitive quick commerce landscape. By providing rapid delivery of sports gear and facilitating hassle-free returns and exchanges, Blinkit aims to meet the evolving needs of consumers looking for convenience without compromising on quality. As quick commerce continues to expand in India, services like these are likely to play a crucial role in shaping the future of online shopping experiences.
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