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News on Medial
Meity to seek Cabinet nod for India AI programme entailing over Rs 10,000 crore investments: MoS IT
Economic Times
·
1y ago
Medial
The Ministry of Electronics and IT (Meity) plans to seek cabinet approval for the India AI programme, which involves setting up GPU-based servers in a public-private partnership with an investment of over Rs 10,000 crore. The government has formed working groups that recommend establishing a three-tier compute infrastructure comprising 24,500 Graphics Processing Units (GPUs). The programme aims to build computing capacity and infrastructure for AI technology development in both private and public data centers, reducing reliance on countries like the US and China. Industry estimates show NVIDIA dominates the GPU market, but there is a high demand and a waiting period for GPUs.
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Telangana seeks MeitY nod for pending semiconductor projects
Economic Times
·
3m ago
Medial
Telangana is awaiting approval from the Ministry of Electronics and Information Technology (MeitY) for three semiconductor investment proposals, complementing recent approvals for electronics manufacturing clusters (EMCs) and a common facility centre. These projects represent a total investment of Rs. 1778.86 crore. The state aims to strengthen its electronics ecosystem and attract more investments. Meanwhile, Karnataka has submitted multiple applications under various MeitY schemes, valuing Rs. 183,623.31 crore, to bolster its manufacturing sector.
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MeitY to back four startups under Rs 10,000 Cr IndiaAI Mission
YourStory
·
2m ago
Medial
The Ministry of Electronics and Information Technology (MeitY) will support four startups—Sarvam AI, Soket AI Labs, Gnani.ai, and Gan.ai—under the Rs 10,000 crore IndiaAI Mission. The initiative aims to develop indigenous AI models. Sarvam AI will receive GPU compute credits worth Rs 200 crore for its project. The selection follows a drive to boost India's AI ecosystem after China's global AI advancements. MeitY also announced a Rs 1,500 crore fund for AI model creation.
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Karnataka Cabinet approves Rs 75 crore seed fund for startups, Rs 79 crore for semiconductor lab
Economic Times
·
4m ago
Medial
The Karnataka state cabinet approved a Rs 75 crore seed fund to promote startups beyond Bengaluru, addressing the concentration of innovation in the city. The "Beyond Bengaluru Cluster Seed Fund" amalgamates existing regional seed funds and aims to support 10,000 startups by 2030. Alongside, a Rs 79 crore Semiconductor Maturity Accelerator Lab 2.0 was approved to attract semiconductor investments, aligning the ecosystem with electronic system development and integration. Both initiatives aim to diversify and boost innovation statewide.
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Union Cabinet approves Chandrayaan-4, Venus Orbiter Mission
Economic Times
·
10m ago
Medial
The Union Cabinet has approved India's fourth lunar mission, Chandrayaan-4, which aims to bring lunar samples back to Earth. The mission is estimated to cost Rs 2,104 crore and is scheduled for launch in three years. The spacecraft will consist of five modules, including an ascender module for sample collection and a descender module to assist in the process. The chairman of the Indian Space Research Organisation (ISRO), S Somanath, highlighted the importance of Chandrayaan-4 in building technological capabilities for future manned lunar missions. Additionally, the Union Cabinet has approved the construction of the first unit of the Bharatiya Antariksh Station (BAS) as part of the Gaganyaan programme, which aims to establish an indigenous space station by 2035. The programme also includes eight human spaceflight missions and has received an additional funding of Rs 11,170 crore, bringing the total to Rs 20,193 crore.
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Three PE firms seek CCI nod to acquire stake in bakery chain Theobroma
YourStory
·
13h ago
Medial
Three private equity firms, including two affiliates of ChrysCapital—Infinity Partners and Atreides Investments BV—and Aqua Investments Ltd, seek Competition Commission of India (CCI) approval to acquire a stake in Mumbai bakery chain Theobroma. ChrysCapital aims for a 90% share, valuing Theobroma at approximately Rs 2,410 crore. The founders will retain a 10% stake. The deal reportedly involves no competitive risks and builds on ICICI Venture's previous investment. Theobroma, founded by Kainaz and Tina Messman, operates across India.
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Cabinet approves “PM-eBus Sewa”scheme to deploy 10,000 electric buses across cities
IndianStartupNews
·
1y ago
Medial
The Union Cabinet has approved the "PM-eBus Sewa" scheme, aiming to add 10,000 electric buses to city transportation through a public-private partnership. With an estimated cost of Rs. 57,613 crore, the scheme receives Rs. 20,000 crore central government support, operating for a decade. Prioritizing cities with populations over 3 lakh, it creates jobs and promotes green mobility, encompassing e-buses and related infrastructure.
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Tamil Nadu cabinet approves Foxconn's Rs 13,180-crore display module assembly unit
Economic Times
·
9m ago
Medial
- Tamil Nadu cabinet approves Rs 13,180 crore investment by Yuzhan Technology (India), a unit of Foxconn, generating 14,000 jobs. - Foxconn considering Rs 1,000 crore investment to set up smartphone display module assembly unit in Tamil Nadu for Apple. - Foxconn acquires 500,000 square feet facility near Chennai for manufacturing smartphone modules, encouraging other contract manufacturers to use its components. - Foxconn's investment is the largest among 14 projects approved by the Tamil Nadu Cabinet, with a cumulative investment of Rs 38,698.80 crore. - Tata Motors to invest Rs 9,000 crore in manufacturing Jaguar Land Rover vehicles in Ranipet. - Other investments approved include Leap Green Energy Pvt Ltd (Rs 10,375 crore), Freetrend Industrial India (Rs 1,000 crore), Kaynes Circuits India (Rs 1,395 crore), Ascent Circuits (Rs 613.6 crore), and Lucas TVS (Rs 510 crore).
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Global giants take AIm at India’s GPU ambition
Economic Times
·
10m ago
Medial
Top chip companies, cloud giants, and cybersecurity firms have expressed interest in India's Rs 10,000 crore graphics processing units (GPUs) procurement tender for the country's Artificial Intelligence Mission. Companies such as Nvidia, Intel, Microsoft Azure, Amazon Web Services, and Palo Alto Networks attended a pre-bid meeting. The ministry of electronics and information technology (MeitY) received around 500 suggestions on the tender and plans to extend the bidding deadline by two weeks. One of the concerns raised was that the tender favors big companies, but MeitY assured equal opportunities for small and large players.
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Esri India opens GIS-AI competency centre entailing over Rs 150 cr investment
YourStory
·
15d ago
Medial
Esri India has established a Geographic Information System (GIS) and AI competency centre in Noida, committing over Rs 150 crore investment over five years. The initiative aims to develop advanced AI-powered geospatial solutions and enhance GeoAI technology. The centre will focus on integrating AI into spatial analysis for richer insights and faster decision-making. It will also strengthen partnerships with academic institutions to build local AI talent, emphasizing the convergence of AI and geospatial intelligence.
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Dezerv completes Rs 46 Cr ESOP buyback
YourStory
·
3m ago
Medial
Wealth-tech startup Dezerv has completed a Rs 46 crore ESOP buyback programme, benefiting eligible employees. Although it provided liquidity opportunities, many employees chose to retain their stake. Co-founded in 2021 by former IIFL Wealth partners, Dezerv offers investment solutions to affluent Indians and recently surpassed Rs 10,000 crore in assets under management. The company employs 300 professionals, assisting high-net-worth individuals across five Indian cities with wealth management services.
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