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News on Medial
Bengaluru Airport to use AI for efficiency
Livemint
·
2y ago
Medial
Bengaluru International Airport has implemented Industry.ai's video analytics and AI platform to enhance operations at Terminal 2. The platform, based on Nvidia's Metropolis development suite, uses live camera feeds from 500 cameras to track queues, resolve congestion, and identify safety concerns, such as abandoned baggage or suspicious movement. The outcomes generated by the platform help improve passenger flow and operational efficiency. However, experts have raised concerns about data privacy and protection under the Digital Personal Data Protection Act. This initiative follows the airport's integration of the DigiYatra facial recognition travel approval platform.
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Air India partners with BIAL to develop Bengaluru as premier aviation hub for South India
IndianStartupNews
·
1y ago
Medial
Air India has partnered with Bangalore International Airport Limited (BIAL) to establish Bengaluru as a prominent aviation hub in southern India. The agreement aims to enhance international connectivity, operational efficiency, and passenger experience over the next five years. The collaboration involves Air India, AI Express, and Vistara, with plans to strengthen the network and establish a dedicated domestic lounge for premium travelers. In addition, Air India has signed an MoU with the Karnataka government to develop maintenance, repair, and overhaul facilities at Bengaluru's Kempegowda International Airport, projected to generate over 1,200 new job opportunities.
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Bengaluru airport scraps plan to charge for vehicle entry at terminals
Livemint
·
1y ago
Medial
Bengaluru airport has cancelled the entry fees introduced earlier for private and commercial vehicles after announcing them just hours before. The fee structure would have charged cabs, including Ola and Uber, ₹150 for up to seven minutes and ₹300 for longer durations. Buses would have been charged ₹600, and temporary travellers ₹300. Trials for implementing full body scanners at Bengaluru, Delhi, and Mumbai airports are also ongoing. Bengaluru airport recently received recognition as the 'World's most beautiful airport' and the world's most punctual airport.
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Trips from Bengaluru airport set to become dearer for Ola, Uber, BluSmart customers
Economic Times
·
1y ago
Medial
Passengers using app-based aggregators such as Ola, Uber, and BluSmart can expect a 30-40% increase in per ride pickup fee for taxi rides from Bengaluru airport. These platforms have agreements with Bengaluru International Airport Ltd (BIAL) that are up for renewal, and as part of these agreements, the airport operator receives a fee on every ride, which is then passed on to the passengers as an airport pickup fee. The revised fee is expected to take effect in a couple of weeks.
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Bottomline: Fairfax-controlled Bengaluru airport operator flies into a loss
VCCircle
·
11m ago
Medial
- Bengaluru International Airport Ltd (BIAL), operated by Fairfax India Holdings Corp, reported a loss for the financial year 2023-24. - The Kempegowda International Airport in Bengaluru had a mixed financial performance during this period. - BIAL is the majority owner of the airport and faced financial challenges. - The airport's performance was impacted by various factors, leading to the reported loss. - This financial result raises concerns about the airport's financial stability in the upcoming years. - BIAL needs to assess and address the underlying issues to improve its financial performance.
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Tamil Nadu plans new international airport in Hosur
Economic Times
·
1y ago
Medial
The Tamil Nadu government has announced plans to construct a new international airport in Hosur, spanning nearly 2,000 acres of land. With the capacity to serve three crore passengers annually, the new airport is expected to boost connectivity, stimulate economic growth, and establish a twin-city ecosystem with Bengaluru. Given Hosur's strategic proximity to Bengaluru and Chennai, as well as its booming manufacturing ecosystem, the airport is poised to attract investments and solidify the region's position as a major industrial and economic hub.
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BIAL completes India's largest unlisted bond issuance in the airport sector, raising Rs 9,000 crore
Economic Times
·
1m ago
Medial
Bangalore International Airport Limited (BIAL), operator of Kempegowda International Airport Bengaluru, successfully concluded India's largest unlisted private placement of Non-Convertible Debentures in the airport sector, raising Rs 9,000 crore. This milestone strengthens BIAL's financial position ahead of its expansion plans. The refinancing has a 15-year tenure and includes significant borrowing cost savings due to a shift to fixed interest rates and an improved AAA credit rating, enhancing affordability and infrastructure development for stakeholders.
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Kiran Mazumdar-Shaw joins TV Mohandas Pai to question need for toll plaza at airport road: ‘Bengaluru must…’ | Company Business News
Livemint
·
8m ago
Medial
Biocon Ltd executive chairperson Kiran Mazumdar-Shaw has joined former Infosys CFO TV Mohandas Pai in calling for the removal of the toll plaza at Bengaluru airport. They argue that it is unfair for Bengaluru to have a toll road leading to the airport, as no other Indian city charges such a fee. The toll plaza has generated a total revenue of ₹1,577 crore over the past decade. Union Minister Nitin Gadkari stated that the Devanahalli toll plaza collected ₹308 crore in revenue during FY 2023-24.
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How OnFinance Is Changing The Way Banking & Financial Institutions Function
Inc42
·
1y ago
Medial
Bengaluru-based start-up OnFinance, founded in 2022 by Anuj Srivastava, aims to revolutionize the financial industry's workflow efficiency through the use of AI. It offers tailored AI copilots to financial institutions using its in-house large language model (LLM), NeoGPT, to automate tasks such as research, analysis, relationship management, and sales. The company has worked with major banks and insurance firms in the US and plans to introduce new copilots for equity research and credit analysis. OnFinance secured $1.1 million in seed funding in 2023 and is seeking $5-$8 million in pre-Series A funding by the end of 2024.
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Artificial intelligence is changing how Silicon Valley builds startups
Economic Times
·
5m ago
Medial
Silicon Valley startups are shifting from the traditional model of rapid expansion fueled by massive venture capital to a leaner strategy that leverages AI for efficiency. Companies like Gamma use AI tools to enhance productivity, allowing them to generate significant revenue with fewer employees. This trend raises challenges for venture capitalists, accustomed to investing in rapidly scaling startups. Despite this, some investors see potential in AI-driven efficiency, hoping it fosters more entrepreneurial ventures.
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SEBI Working On Multiple AI Projects To Boost Efficiency: Madhabi Puri Buch
Inc42
·
11m ago
Medial
Securities and Exchange Board of India (SEBI) is using artificial intelligence (AI) to expedite processing of initial public offering (IPO) documents. Chairperson Madhabi Puri Buch highlighted the regulatory body's increasing use of AI to improve efficiency. SEBI is currently working on around 12 AI projects, half of which aim to facilitate faster approvals and provisions. This move is expected to enhance operational efficiency and shorten processing time for IPOs.
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