Just in: Tiger Global exits Zomato by selling remaining 1.44 percent stake for Rs 1,123.85 crore, via open market transactions.

One quick thing: Baron Capital almost halves Byju’s fair value, marks up Swiggy, Pine Labs  

In today’s newsletter:

• Inside Jio Platforms' global tech ambitions
• IBM CEO calls for AI sovereignty in India
• ISRO's secret to low costs

Was this newsletter forwarded to you? You can sign up for Tech3 here

In the past few years, Reliance Industries chairman Mukesh Ambani has used the conglomerate's annual general meetings (AGM) to showcase their prowess as a technology company.

These moves come as Asia's richest man tries to position Jio Platforms as the next global tech giant in the same league as Alphabet, Apple and Microsoft. 

"Today we are a net producer of technology, large-scale deployer of technology, as well as a democratiser of technology," Ambani said during his keynote address, which set the tone for the company's 46th AGM today.

Jio, which disrupted the Indian internet market seven years ago, intends to do the same with artificial intelligence technology, which is currently a hot favorite among tech companies.

"Today, Jio promises AI to everyone, everywhere. And we shall deliver...India has scale. India has data. India has talent," Ambani said.

To this end, the company intends to lead the development of India-specific AI models and AI-powered solutions for the government, businesses, and consumers.

• It also plans to build up 2,000 MW of AI-ready computing capacity

Enterprises are another key frontier for future growth, and Jio Platforms intends to serve the full spectrum of digital needs of businesses in India and abroad. 

• It also unveiled the Jio True5G Lab, a facility that will enable its technology partners and enterprise customers to develop, test, and co-create multiple industry-specific 5G solutions

• Ambani next-gen will join the RIL board as non-executive directors. RIL’s growth in the next 10 years will far outstrip the last 45 years, says Mukesh Ambani

• Jio's fixed-wireless broadband offering JioAirFiber is launching on September 19. Jio Smart Home services will provide multiple services to smoothly operate home appliances

• Jio Financial Services will enter the insurance segment to offer life, general, and health insurance products

• Reliance Retail will emerge as the fastest growing business in terms of revenues and EBITDA. It is getting strong interest from several marquee global strategic and financial investors

• RIL to establish end-to-end battery gigafactory by 2026

P.S. You can read RIL chairman Mukesh Ambani’s entire speech here

Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Can India capitalise on the AI moment that is in front of it?

IBM CEO Arvind Krishna certainly thinks so. He believes that India can ride the AI wave just as it did with the BPO and IT services waves.

According to the IBM chief executive, India must: 

• Develop sovereign capability in AI
  
  
• Look to set up a national AI computing centre

Why? Because the country may want to use AI for purposes that the rest of the world does not invest in.

• He believes that there needs to be a way for governments as well as private companies to leverage AI in a manner that is unique to India

Krishna also expects IBM's business and investments in India to continue to grow. He even met with Union Minister of State for Electronics and IT Rajeev Chandrasekhar.

“India is a great source of talent, India's got a friendly government, and India- US relationships are high. I fully expect that our business in India is going to grow,” he said.

More from the conversation here.

If you have never cared about the budget of a big-budget blockbuster movie, a successful launch by the Indian Space Research Organisation (ISRO) will make you do so.

By now, you will know that movies like Interstellar, Adipurush, and so on are far more expensive than the Rs 615 crore Chandrayaan-3, which made history on August 24 after it landed near the Moon's South Pole.

So, what keeps ISRO's cost of expenditure behind such missions so low?

• The answer lies in its strict adherence to zero-based budgeting and reliance on Indian industries, said the agency's former budget director P. Sudarshan

This budgeting method does not use the previous year's budget as a base.

• Budget estimate is arrived at after calculating from zero

Sudarshan, who was hired by ISRO in 1976, noted that the agency was crippled by sanctions imposed on India in response to the country's first nuclear test in 1972. 

• The sanctions forced ISRO to look inward, towards the domestic industry, to secure its supply chain. This, in turn, helped to keep costs in check

Also read | Calling Chandrayaan-3 'failure-based design' is not accurate: Former ISRO Chairman K Sivan

While we await further announcements from ISRO regarding the experiments being conducted on the Moon, here is some exciting news:

• ISRO's next mission, Aditya-L1, which will study the Sun, is scheduled to lift off aboard the PSLV-XL launch vehicle from Sriharikota on September 2

The StepStone Group, which invested $75 million in Zepto last week, may seem like a new name, but it has been a key player in the Indian startup ecosystem for years. Ashton Newhall, a partner at the US-based investor, told us that he is looking to make more direct investments in the country.

• The investor is particularly interested in e-commerce, SaaS and AI startups 

Find out more

• SoftBank will take Indian startup founders to Silicon Valley for an AI tour to boost technology adoption.

• Microsoft President Brad Smith calls for AI regulations at national and international levels, saying that safeguards and laws need to move faster.

The javelin flew through the air, soaring higher and higher, until it finally landed with a thud. The crowd erupted into cheers, and the world watched in awe as Neeraj Chopra had just made history.

• The 25-year-old became the first Indian to win a gold medal at the World Athletics Championships with a best throw of 88.17m

The victory was just another addition to a long list of historical feats by Chopra athlete over the past few years. Find out more about his achievements.

Note: By subscribing to Tech3 you have already made the right choice. Top it up with a premium offering, the Moneycontrol Pro Panorama, a newsletter that gives you a sharp take on macros, markets, business and finance. Sign up for Pro from this link to get this newsletter in your inbox and also a host of content enjoyed by 500,000+ subscribers.