Nvidia chip challenger FuriosaAI scores first major customer LG
FuriosaAI, a Seoul-based startup, will supply its AI chip RNGD to LG AI Research. This follows a rejection of an $800 million acquisition bid from Meta. LG will use the chip for its Exaone large-language models. FuriosaAI aims to challenge Nvidia and other AI chip companies.
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Hindustan Times
21 minutes ago
- Hindustan Times
Mumbai's Sri Lotus Developers, backed by SRK, Amitabh Bachchan, and Hrithik Roshan, to launch ₹792 crore IPO next week
Mumbai-based Sri Lotus Developers and Realty Ltd, backed by Shah Rukh Khan's family trust, Amitabh Bachchan, Hrithik Roshan, and investor Ashish Kacholia, is set to launch its Initial Public Offering (IPO) next week. The company aims to raise around ₹792 crore to fund three ongoing real estate projects in Mumbai. Mumbai real estate update: Sri Lotus Developers and Realty Ltd, backed by Shah Rukh Khan's family trust, Amitabh Bachchan, Hrithik Roshan, and investor Ashish Kacholia, is set to launch its Initial Public Offering (IPO) next week.(Sri Lotus Developers) The developer will continue to focus on prime city locations, with an emphasis on redeveloping old buildings to deliver luxury apartments priced between ₹10 crore and ₹50 crore. As of June 30, 2025, the company had completed 0.93 million sq ft of developable area, spanning both residential and commercial assets, with a future pipeline exceeding 1.8 million sq ft. Its portfolio includes four completed projects, five ongoing ones, and 11 upcoming developments located in areas such as Andheri, Juhu, Bandra, and South Mumbai. The firm also plans to expand further into South and Central Mumbai locations like Nepean Sea Road and Prabhadevi, as well as eastern suburbs including Ghatkopar. According to the statement, the company has four completed projects, five ongoing projects, and 11 upcoming projects in areas such as Andheri, Juhu, Bandra, and South Mumbai. The company plans to expand its reach in southern and central regions of Mumbai, such as Nepean Sea Road and Prabhadevi, and eastern suburbs of Mumbai, such as Ghatkopar, it said in a statement. Also Read: Shah Rukh Family Trust-backed Sri Lotus Developers gets SEBI nod for ₹792 crore IPO The company's developments focus primarily on ultra-luxury residential and commercial properties. It constructs and develops 2BHK and 3BHK flats with a price range of ₹ 3 crores to ₹ 7 crores and 3BHK, 4 BHK, and 4+ BHK flats and penthouses with a price range above 7 crores. Anand Pandit, the Chairman and Managing Director of Lotus Developers, said, "Going further, our plan is to focus on products in the ₹10 crore to above ₹50 crore price range. We want to focus on luxury and ultra-luxury projects, considering that is what our focus has been. We do not have any debt as such right now to raise an IPO, but considering we are in the redevelopment space and luxury projects, having an IPO and listing it adds value to our brand." Also Read: Mumbai society where Shah Rukh Khan owns sea-facing flat to be redeveloped by IPO-bound Sri Lotus Developers Bollywood connection of the company In December 2024, Sri Lotus Developers had raised approximately ₹400 crore through a private placement of 26.61 million shares at ₹150 per share. Among the investors, Bollywood star Amitabh Bachchan purchased around 6.7 lakh shares for ₹10 crore, while the Shah Rukh Khan Family Trust acquired about 6.75 lakh shares for ₹10.1 crore. Shree Amrit Society on Carter Road in Mumbai's Bandra, where Shah Rukh Khan owns a sea-facing terrace apartment, had in June 2025, appointed IPO-bound Sri Lotus Developers and Realty Limited for its redevelopment. Also Read: Why do some Bollywood stars prefer renting over buying homes in Mumbai? Shah Rukh Khan purchased the apartment in the Shree Amrit building after his marriage, making it his first property acquisition in Mumbai. As such, it holds significant sentimental value. Although Khan does not live there and hasn't rented it out, the apartment has been well maintained.
Time of India
22 minutes ago
- Time of India
SES awaits security nod, says new MEO satellites to boost Reliance Jio's enterprise business
NEW DELHI: Luxembourg-based satellite operator SES said that the company is awaiting security approvals from the Indian government to commercially launch services, and its newly-inducted O3b mPower communications satellite systems would facilitate Jio's space broadband offering for enterprises in the country. 'I think the last bit of security regulations are being sorted out. In my opinion, we are ready to go. We are already doing proof-of-concepts (PoC), but we're not allowed to carry commercial traffic. But in my opinion, we are just a few months away, and launch within the year,' Harsh Verma, head of enterprise business development at SES Asia, told ETSatcom . Thursday, SES launched two communication satellites- O3b mPOWER 9 and 10, aboard a Falcon 9 rocket from the Cape Canaveral Space Force Station, Florida, a southeasternmost US state. 'For the 5G backhauling services, which is the core of their (Jio's) network and infrastructure planning, and deployment, they (Jio) are looking at O3b mPower system. Jio is also using our geostationary asset - SES-12.' The SES executive said that the company has already geared up fully since the last two years with its ground infrastructure, and other necessary operational processes. SES deployed its gateways together with Jio in Kadapa, a city in the southern part of Andhra Pradesh. We are basically making sure that it (ground station) complies with the telecom department's (DoT) security regulations. SES said that unlike billionaire Elon Musk-owned Starlink's low-earth orbit (LEO) satellites that are "more consumer grade," it offers "enterprise and carrier grade services" with predictable latency, service-level agreements (SLA) and throughput. 'We also bring in flexibility in our systems, and make it more sovereign.' Adel Al-Saleh-headed multinational's stakeholders include BlackRock Advisors, Temasek Holdings and Vertex Legacy Continuation Fund. 'Jio is looking to go into remote areas and really increase their coverage. India could be covering about 97-98%, but even 2% of the population still means a lot to them, and that's where satellite comes in. I am sure there are places they will use Starlink as well for more consumer-related services,' Verma added. Mukesh Ambani-owned Jio is looking at multiple satellite technologies— LEO, MEO and GEO, and has partnered with Starlink in India. On the contrary, archrival Bharti Airtel through Bharti Global invested in Eutelsat Oneweb and also maintains partnership with Starlink, with both offering LEO satellite constellation for broadband internet access in underserved areas. 'We have a very strategic foray into India, creating a joint venture with Reliance Jio . We have already started delivering the geostationary capacity on SES-12 while we bring O3b mPower. We are just waiting for final regulatory approval in India where we will start launching 5G services with Jio in India very soon, hopefully by the end of the year.' The executive further said that the multinational is serving as many as eight out of 10 top telecom carriers who are making space connectivity as a part of their core strategy. In February 2022, Jio Platforms, a part of India's oil-to-telecom conglomerate formed a joint venture (JV) with satellite operator SES through Jio Space Technology Limited to deliver broadband services in India. SES plans to launch three more satellites over the next 12 months to strengthen the network further, has as many as 20 GEO satellites currently hosting 9 direct-to-home (DTH) platforms and more than 2,000 TV channels worldwide. In 2024, the company earned a revenue of €3.7 billion (about $4 billion). Recently, SES acquired a global satellite operator Intelsat, creating a combined entity with a fleet of 120 satellites offering multi-band connectivity across two orbits.
Time of India
23 minutes ago
- Time of India
US Prez Trump asks tech giants to stop building factories, hiring from India, other countries
Washington DC, US: US President Donald Trump has called for eschewing "radical globalism" pursued by some of the country's firms, including tech giants like Google, Meta and Microsoft, among others, to "stop building factories" and "hiring workers" from countries including India. "For too long, much of our tech industry pursued a radical globalism that left millions of Americans feeling distrustful and betrayed. And you know that," Trump said. "Many of our largest tech companies have reaped the blessings of American freedom while building their factories in China, hiring workers in India, and slashing profits in Ireland. You know that. All the while dismissing and even censoring their fellow citizens right here at home," Trump said ahead of unveiling his administration's "AI Action Plan." He said this in his address to the All-In Podcast and Hill & Valley Forum AI Summit in Washington, DC on Wednesday (local time) Washington, DC. Trump signed three new executive orders: expediting permitting for AI infrastructure, boosting exports of US-developed AI, and banning federal procurement of AI systems with political or ideological bias. During his remarks at the AI Summit, Trump urged US tech companies to be "all in for America." "We want you to put America first. You have to do that. That's all we ask. That's all we ask to partner with our tech geniuses and achieving this vision. Today, we're releasing the White House AI action plan. Big stuff," Trump said. The US President said that in a few months, "Meta, Amazon, Google, Microsoft are all investing $320 billion dollars or more in data centers and AI infrastructure this year" adding that Nvidia has committed $500 billion over the next four years. "For decades, we had leaders who spent their time focused on building up foreign nations. Under the Trump administration, we are going to have leaders who are going to build up our nation. This colossal investment in AI infrastructure and many other industries for that matter such as automobiles and so many other things will also create thousands and thousands of great paying jobs. the kind of jobs we want, including lots of blue collar jobs," Trump said. Taking aim at his predecessor Joe Biden, Trump said, "The last administration was obsessed with imposing restrictions on AI, including extreme restrictions on its exports." This he said "alienated American partners and drove even our friends into the arms of China and other countries," Trump said noting that he had upon assuming office "repealed the so-called Biden diffusion rule," which crippled American AI exports. Further he said," We created the digital age, and now we are leading the world into the golden age. Indeed, the golden age of America. With your help, that golden age will be built by American workers. It will be powered by American energy. It will be run on American technology, improved by American artificial intelligence."
