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Abu Dhabi’s 3AI, SML in pact to jointly own Indian genAI platform Hanooman
Economic Times
·
1y ago
Medial
Abu Dhabi-based AI investment firm 3AI Holding has partnered with Seetha Mahalaxmi Healthcare (SML) to jointly own the multilingual generative AI platform called Hanooman. The platform, launched on May 1, aims to reach 200 million users across 22 Indian languages in its first year. It will benefit from 3AI Holding's Omega generative AI model, enhancing its capabilities in text, voice, image, and code for users. The exact investment amount by 3AI Holding remains undisclosed. The partnership signifies 3AI Holding's commitment to bringing technology back to India and aligns with the trend of Indian startups developing open-sourced AI models for the Indian market.
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India's homegrown GenAI platform Hanooman now live in 98 languages
Economic Times
·
1y ago
Medial
India has launched Hanooman, a multilingual and affordable GenAI platform available in 98 languages, including 12 Indian languages. Developed by SML India in partnership with 3AI Holding, the AI tool aims to impact the lives of 200 million users within a year. Hanooman supports Indian languages as 80% of Indians do not understand English. The app is currently available for download in India and will soon be released on the App Store. SML India has also announced partnerships with HP, NASSCOM, and Yotta to enhance its operations.
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Abu Dhabi’s Mubadala overtakes Saudi Arabia’s PIF as world’s top wealth fund spender
Livemint
·
6m ago
Medial
Abu Dhabi's Mubadala Investment Company became the top spender among sovereign wealth funds in 2024, surpassing Saudi Arabia's Public Investment Fund, with an investment of $29.2 billion. The increase reflects a broader Gulf region trend, with Abu Dhabi, Qatar, and Saudi Arabia investing a record $82 billion. Sovereign funds focused significantly on digital infrastructure and AI, marking $27.7 billion in investments. Overall, sovereign wealth assets reached $13 trillion, highlighting their growing global financial impact.
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Reliance’s ‘Hanooman’: Mukesh Ambani-backed ChatGPT to be launched in March
Livemint
·
1y ago
Medial
Indian conglomerate Reliance Industries, along with top engineering schools and the Indian Institutes of Technology, is set to launch an indigenous AI chatbot next month. Dubbed Hanooman, the model will function in 11 local languages across healthcare, governance, financial services, and education sectors. The model will also feature speech-to-text capabilities, making it user-friendly. The project represents a unique private-public partnership and is part of Reliance's broader effort to develop customised AI models for specific uses, including its planned 'Jio Brain' platform. Other startups in India are also working on open-sourced AI models for the country's needs.
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Gen AI takes centre stage at AGM of TCS and Infosys
Livemint
·
1y ago
Medial
Retail shareholders of Indian IT services companies, Infosys and TCS, expressed concern about the impact of generative artificial intelligence (GenAI) on the firms' businesses during their respective annual general meetings. Shareholders questioned the companies' leadership about the implementation of GenAI, its effect on employees, and the potential for partnerships with other IT firms. Retail shareholders, who own a significant portion of the companies' shares, are worried about any negative impact on their dividends and income. Both companies, however, have not provided specific metrics regarding revenue or dealings in the GenAI space.
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RPower Signs Power Purchase Pact in Bhutan With Green Digital
OutlookIndia
·
1m ago
Medial
Reliance Power has signed a power purchase agreement with Green Digital Pvt Ltd, owned by Bhutan’s Druk Holding and Investments, to jointly develop Bhutan's largest solar power project with a capacity of 500 MW. This venture, with an estimated investment of 2,000 crore rupees, marks the biggest private foreign direct investment in Bhutan’s solar sector. The initiative aims to diversify Bhutan's energy portfolio, enhance grid stability, and boost regional clean energy integration across South Asia.
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NPCI to sign pact with Al Etihad Payments of UAE for cross-border transactions
Economic Times
·
1y ago
Medial
NPCI International Payments Ltd is set to sign an agreement with Al Etihad Payments in Abu Dhabi to enable cross-border transactions. The memorandum of understanding aims to develop the UAE's domestic card scheme based on India's RuPay debit and credit card stack. The agreement will be signed in the presence of India's commerce and industry minister, Piyush Goyal, during his visit to Abu Dhabi, where he will co-chair the eleventh meeting of the India-UAE High-Level Task Force on Investments.
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Meet India’s own ChatGPT-style AI model Hanooman
Economic Times
·
1y ago
Medial
Hanooman is an open-source Indic language AI model developed by the Indian Institute of Technology-Bombay. It aims to address the challenges faced by healthcare professionals and assist in various sectors such as education, banking, finance, and entertainment. The first version of Hanooman will converse in 11 Indian languages, with plans to expand to all 22 official languages. The project has received interest from states like Tamil Nadu, Karnataka, and Telangana. Hanooman also aims to introduce a closed-source model for enterprise customers and scale up its infrastructure based on industry demand.
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Renault buys out Nissan’s 51% stake in India JV, French carmaker to lead with new EV plans
Business Today
·
3m ago
Medial
Renault is taking full ownership of its Indian joint venture, Renault Nissan Automotive India Private Ltd (RNAIPL), by acquiring Nissan's 51% stake. This strategic move aims to enhance Renault's presence in India’s rapidly growing auto market. Renault will manage the Chennai plant, maintaining Nissan models' production while advancing its own projects, including EV developments. Nissan retains access for sourcing and will jointly control a technology and business center in India with Renault.
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Abu Dhabi’s ADQ to acquire minority stake in Sotheby’s, owner Patrick Drahi to invest additional capital
Livemint
·
11m ago
Medial
ADQ, the sovereign wealth fund of Abu Dhabi, has agreed to acquire a minority stake in auction house Sotheby's. The deal, worth $1 billion, includes additional capital from owner Patrick Drahi. ADQ's investment will largely consist of newly issued shares, while Drahi will retain majority ownership. The funds will be utilized to strengthen the company's balance sheet, expand its business, and enhance client experience. The partnership with ADQ, known for operational excellence and long-term planning, will bolster Sotheby's presence in the Middle East, a rapidly growing market for art and luxury goods. The deal comes amid a challenging period for the auction sector, as global art sales have contracted by 4% in recent years.
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IBM Signs MoU To Deploy AI Cluster At GIFT City
Inc42
·
1y ago
Medial
IBM is set to launch an AI cluster in GIFT City, India, to drive innovation and collaboration in the financial industry. The cluster will utilize IBM's GenAI platform, watsonx, to provide financial institutions with support in areas such as proof of concept and access to AI Sandbox, AI literacy programs, and digital assistant solutions. In recent years, Indian GenAI startups have raised over $600 million in funding.
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