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  • Adani pledges $100B to build AI data centers as India seeks bigger role in the global AI race | TechCrunch

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    Indian conglomerate Adani Group said on Monday it would invest $100 billion over the next decade to build data centers specialized for AI across the country, a move that underscores India’s ambition to play a larger role in the global AI race.

    The investment, which will run through 2035, is aimed at building renewable-energy-powered data centers designed to support AI workloads, the company said. It expects the plan to catalyze an additional $150 billion in related investments and result in a $250 billion AI infrastructure ecosystem in India over the decade.

    Adani is making this commitment against a backdrop of skyrocketing investments in AI infrastructure as companies increasingly look beyond the U.S. for computing power, energy and friendly regulation. India, with its expanding digital economy and growing renewable-energy capacity, has emerged as a major destination for data centers and AI-related infrastructure over the past couple of years.

    The announcement coincides with India’s ongoing AI Impact Summit in New Delhi this week, where leaders from some of the world’s top AI companies, including OpenAI, Nvidia, Anthropic, Microsoft and Google, are meeting policymakers and industry executives.

    Adani Group chairman Gautam Adani (pictured above) described the plan as a long-term bet on the convergence of energy and computing. “India will not be a mere consumer in the AI age,” he said, adding that the group aims to help build a domestic AI infrastructure base.

    The plan is to build atop Adani’s own existing data-center platform and its partnerships with companies like Google and Microsoft. The conglomerate is developing large-scale AI data-center campuses in Visakhapatnam and Noida, and has plans for more facilities in Hyderabad and Pune. An expanded partnership with Walmart-owned Flipkart will focus on another AI data center.

    Adani said the broader plan calls for deploying up to 5 gigawatts of data-center capacity. The company said the facilities will be developed as a unified system that would scale power generation and processing capacity in parallel.

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    The effort builds on AdaniConneX, a joint venture between Adani Enterprises and U.S.-based EdgeConneX, a developer and operator of data centers for hyperscale and enterprise customers. The JV, Adani said, has already developed about 2 gigawatts of data-center capacity across India.

    Central to the strategy is Adani’s renewable-energy portfolio, which the group said will supply carbon-neutral power to the data centers. The company pointed to its 30-gigawatt Khavda renewable project in western India — more than 10 gigawatts of which is already operational — and said it plans to invest an additional $55 billion to expand renewable generation and battery energy storage over the coming years.

    To reduce exposure to global supply-chain disruptions, Adani said it plans to co-invest in domestic manufacturing of critical components, such as transformers, power electronics and thermal management systems.

    Adani did not respond to questions about how much of the $100 billion investment is already committed capital, how the spending will be phased over the coming years, and when the first large-scale AI workloads are expected to become operational.

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  • Prannoy Roy, Radhika Roy resign from board of NDTV promoter group RRPRH

    Prannoy Roy, Radhika Roy resign from board of NDTV promoter group RRPRH

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    Prannoy Roy and Radhika Roy have resigned as the directors of the board of RRPRH, the promoter group of NDTV. In an exchange filing, NDTV informed that Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan have been appointed as directors on the board of RRPRH with immediate effect.

     This comes just a day after a promoter firm of the media major – RRPR Holding Private Limited – issued equity shares constituting 99.5 per cent of its equity share capital to Vishvapradhan Commercial Private Limited (VCPL), which has been acquired by Adani. With this, the Adani Group formally took over around 29.18 per cent stake in NDTV. 

    VCPL is a wholly owned subsidiary of AMG Media Networks, which houses the media business of the Adani Group.

    The Adani Group has acquired 29.18 per cent stake in NDTV and has launched an open offer to buy another 26 per cent stake in the media firm. Till last Friday, a total of 39.35 lakh equity shares had been tendered, representing 23.48 per cent of the maximum offer size of nearly 1.68 crore equity shares. 

    The open offer, for which a price band of Rs 294 per share has been fixed, opened on November 22 and will close on December 5. 

    In August this year, Adani acquired VCPL which had lent over Rs 400 crore to NDTV’s founders in exchange for warrants that allowed the company to acquire a stake of 29.18 per cent in the media firm at any time.

    In October, the Adani Group announced that it had acquired 29.18 per cent stake in NDTV and would launch an open offer for another 26 per cent from minority shareholders of the media company.

    In a regulatory filing in October, Adani Enterprises said that the decision to acquire NDTV was arrived at in furtherance of the Adani Group’s objective to set up a credible next-generation media platform with an emphasis on digital and broadcast segments and that NDTV is a suitable broadcast and digital platform to deliver on this vision.

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  • Adani open offer for NDTV: Over 18 lakh shares tendered on Day 2

    Adani open offer for NDTV: Over 18 lakh shares tendered on Day 2

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    The second day of the open offer by Adani Group for acquiring shares of New Delhi Television Limited (NDTV) saw nearly 18.03 lakh shares being tendered in the offer even as the offer price remains significantly lower than the market price.

    Data from the stock exchange showed that a total of 18,02,888 equity shares were tendered on Wednesday representing 10.76 per cent of the maximum offer size of nearly 1.7 crore equity shares.

    If the total number of equity shares of the media major is taken into consideration, the quantum of shares tendered on Wednesday account for nearly 2.8 per cent of the company.

    On Wednesday, shares of NDTV lost 4.61 per cent or Rs 17.35 to end the day at Rs 358.90, still trading significantly higher than the open offer price of Rs 294 per share.

    This assumes significance as it was widely believed that the open offer would not see the Adani Group managing to acquire any further shares due to the deep discount of the offer price when compared to the prevailing market price.

    As per the latest shareholding structure of NDTV, a total of 11 foreign portfolio investors (FPIs) hold a cumulative stake of 14.72 per cent in the company. Incidentally, LTS Investment Fund, which has a stake in other Adani Group entities, holds 9.75 per cent stake or 62.85 lakh shares in NDTV.

    The open offer has been triggered after Adani Group indirectly bought a stake of 29.18 per cent in the media company by acquiring the shares of Vishvapradhan Commercial Private Limited, which, in turn, acquired the shares held by RRPR Holding Private Limited, a promoter group company of NDTV.

    The offer will remain open till December 5.

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  • Sebi approves Adani Group’s open offer for 26% stake in NDTV

    Sebi approves Adani Group’s open offer for 26% stake in NDTV

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    Markets regulator Sebi has approved Adani Group’s open offer to buy an additional 26 per cent stake in media firm New Delhi Television (NDTV) and the offer will commence on November 22.

    According to an update on Sebi’s website on Monday, the regulator gave its final comments on the proposed Rs 492.81 crore-open offer on November 7.

    The offer will tentatively open on November 22 and close on December 5. The price fixed is Rs 294 per share, as per a recent regulatory filing by NDTV.

    The conglomerate, run by India’s richest man Gautam Adani, in August acquired a little-known company that lent over Rs 400 crore to NDTV’s founders more than a decade ago in exchange for warrants that allowed the company to acquire a stake of 29.18 per cent in the newsgroup at any time.

    Post that, Vishvapradhan Commercial Pvt Ltd (VCPL) – the firm that Adani group bought out – announced that it would launch an open offer on October 17 to buy an additional 26 per cent stake from minority shareholders of NDTV. However, the offer was delayed since Sebi had not given its approval to the open offer.

    VCPL along with AMG Media Networks and Adani Enterprises Ltd had proposed to acquire an additional 26 per cent or 1.67 crore equity shares at an offer price of Rs 294 per share.

    If fully subscribed, the open offer will amount to Rs 492.81 crore at a price of Rs 294 per share.

    “The decision to acquire NDTV was arrived at in furtherance of the Adani Group’s objective to set up a credible next-generation media platform with an emphasis on digital and broadcast segments, and that NDTV is a suitable broadcast and digital platform to deliver on this vision,” Adani Enterprises said in a regulatory filing in October.

    On Monday, shares of NDTV closed 1.99 per cent higher at Rs 365.85 on BSE and Rs 364.50 on NSE.

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  • Adani group to invest $150 billion in pursuit of $1 trillion valuation

    Adani group to invest $150 billion in pursuit of $1 trillion valuation

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    Richest Asian Gautam Adani’s group will invest over USD 150 billion across businesses ranging from green energy to data centres to airports and healthcare as it chases the dream to join the elite global club of companies with USD 1 trillion valuations.

    On October 10, Adani Group Chief Financial Officer Jugeshinder ‘Robbie’ Singh detailed the growth plans of the group, which started off as a trader in 1988 and expanded rapidly into ports, airports, roads, power, renewable energy, power transmission, gas distribution and FMCG and more recently into data centres, airports, petrochemicals, cement and media, at an investor meet organised by Ventura Securities Ltd in New Delhi.

    The group plans to invest USD 50-70 billion in green hydrogen business and another USD 23 billion in green energy over the next 5-10 years, he said. It will invest USD 7 billion in electricity transmission, USD 12 billion in transport utility and USD 5 billion in the road sector.

    Its foray into data centre business with cloud services would entail an investment of USD 6.5 billion in partnership with Edge ConneX and another USD 9-10 billion is planned for airports, where it is already the largest private operator. Its foray into the cement sector with the acquisition of ACC and Ambuja cement entailed USD 10 billion investment.

    It is foraying into the petrochemical business with plans to set up a 1 million tonnes per annum PVC manufacturing facility at an investment of USD 2 billion and would enter the copper sector with a 0.5 million tonnes a year smelter at an investment of USD 1 billion, he said.

    The healthcare sector foray that will include insurance, hospitals and diagnostic and pharma would see an investment of USD 7-10 billion, with some coming from Adani Foundation.

    “Whatever you see today, it might look like it has just happened in the last one or two years, but in reality what we have done, both GSA (Gautam Shantilal Adani) and myself discussed this in 2015,” Singh said at the investor meeting adding the conglomerate is a result of a well-thought-out business plan that entailed foraying into adjacencies of existing business.

    The group’s market capitalisation was around USD 16 billion in 2015 and it is USD 260 billion in 2022 – a surge of over 16x in seven years.

    “Given what we had as a set of companies, we believed that if we had assets and companies of that type we should really be a USD 1 trillion group. So we went through the steps that we needed to take to get to the point,” he said.

    There are only a handful of companies that are valued at trillion dollars or more. These include Apple, Saudi Aramco, Microsoft, Google’s parent Alphabet and Amazon.

    Singh said the Adani Group has set about building its infrastructure and logistics portfolio in a manner that it could emerge as the top five globally and not just India’s largest player.

    “Look at Adani Ports, Adani transmission, Adani Total Gas, Adani Power, combined when you look at these businesses, these businesses are in total infra and utility portfolio was formed by four core portfolios,” he said. “It is the fastest growing portfolio of any comparable size infra portfolio. Our primary industry vertical materials metals and mining again sits next to our core of the infrastructure.”

    Explaining the logic being the expansions, he said for a trading company it made sense for Adani group to be in the ports business. And since energy is vital for this, the foray into distributed energy and finally into gas to provide an integrated logistics and infrastructure portfolio.

    The recent foray into metals and mining is an extension of this as logistics and warehousing is an integral part of the cement business.

    Given that power and logistics are the largest components of any metals and materials business, the group has seen it fit to enter copper, aluminum and cement businesses, he said.

    Stating that power continues to be core to the Group’s future growth plans, he said Adani is making the biggest bet by any Indian group in building the chain for producing hydrogen – the fuel of the future – as well as renewable energy plants.

    Most businesses of the Adani Group enjoy the best-in-class margins. The ports business has reported operating margins of 70 per cent, while its closest competitor’s margins are at 56 per cent. Adani Total Gas has reported margins of 41 per cent, while Adani Transmission’s operating margin is at 92 per cent. The businesses are profitable and efficient and generate high levels of free cash flows.

    On financials, Singh said the group generates earnings before interest, tax, depreciation and amortization (EBITDA) of USD 8 billion. Of this, about USD 3.6 billion is spent on servicing debt (interest and principal). USD 700 million goes towards tax payments and businesses spend USD 1.8 billion towards capex.

    While in absolute terms the Group’s debt has gone up, so has its EBITDA, he said adding over the last nine years, the Group’s EBITDA has grown 23 per cent CAGR, while debt has grown by 12 per cent.

    Singh said flagship Adani Enterprises is the group’s business incubator. Ports, power, transmission and gas businesses were all incubated by this company and when they reached a certain degree of maturity, they were spun off into separate companies and listed on bourses.

    The same will be the approach for several new businesses such as airports being nurtured under AEL. When they become independent and can fund their own capital expenditure plans, they will be separated, he said.

    In the next 2-3 years, hydrogen and airports businesses can be demerged when they can be independent.

    “Adani Group’s transformation is a 25-year story of growth and ambition,” he added.

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  • Diagnostics is the next battleground: How Dr Lal Pathlabs, SRL are trying to hold fort

    Diagnostics is the next battleground: How Dr Lal Pathlabs, SRL are trying to hold fort

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    As major conglomerates are gradually penetrating the diagnostics market, dominant players such as Dr Lal Pathlabs and Metropolis Healthcare are charting out plans to retain their leadership position in the game.

    The diagnostics majors are looking at inorganic growth for their network expansion which is further heightening the competition. For instance, Dr Lal PathLabs acquired Suburban Diagnostics in 2021 for Rs 925 crore in West India. It is also planning expansion in South India with a reference laboratory in Bangalore which is a major market for Metropolis Healthcare. 

    In the same year, Metropolis Healthcare acquired Dr Ganesan’s Hitech Diagnostic Centre (Hitech) and its subsidiary Centralab Healthcare Services (Centralab) for Rs 636 crore. SRL completed the DDRC- SRL JV acquisition in April 2021 enabling it to consolidate its market share in Kerala and strengthens its B2C presence. 

    Hyderabad-based Vijaya Diagnostics has also indicated that it has plans to expand in Andhra Pradesh and Telangana, and it is interested in acquiring lucrative diagnostic firms in Eastern India for exploring business opportunities in the region.

    Diagnostics companies are focusing on new segments and trying to enter new geographies which have become all the more important after the pandemic. Dr Lal PathLabs is focusing on tier II and Tier III towns especially in North and Eastern Parts of India and Metros and Tier I towns in Sothern and Western parts of India. As covid testing is no more a profitable area, Dr Lal PathLabs aims to invest in IT and Digital and focus on wellness packages. The noted diagnostic chain is also focusing on bundled and preventive health checkup packages.
     
    “We are identifying and focusing clinical segments like allergy, auto-immune disorders etc. We also now want to strengthen the online retail segment. As far as our expansion plans are concerned, we want to look at South and Western Markets,” says Dr Om Manchanda, Managing Director, Dr Lal Pathlabs.  “India is a highly underpenetrated market. Post-Covid, the diagnostics penetration will grow as the practice of medicine becomes more evidence-based, especially in tier II and tier III towns,” he says.
     
    Similarly, for SRL Diagnostics, another major diagnostic player, test menu expansion to offer more diagnostic solutions, network expansion to acquire market share and new customers, and consistently delivering high-quality diagnostic services remain the growth drivers. Strategizing its growth, in FY22, SRL added more than 1000 centres to its network and in Q1 FY23, it added about 250 more.
     
    “These new touchpoints are part of our strategic growth plan. We are investing in our capabilities to offer services through digital touchpoints as well as reinforcing our home collection units to fulfill changing customer behaviour post-pandemic,” says Anand K. CEO, SRL Diagnostics.

    According to market analysts, the Indian Diagnostics industry is estimated at Rs 675 billion with the industry growing at an annual rate of 8-9%. National players hold about 15% of the market share and therefore there is ample opportunity for growth. Recent acquisitions by large laboratory chains and the entry of new players will see the industry consolidate at a faster rate.
     
    Metropolis Healthcare Ltd has also made it clear that it aims to nurture and expand the scope for Oncology, Pre-natal testing, transplant Immunology, and Infectious and Chronic diseases through next-generation sequencing and artificial intelligence.
     
    “To realize this goal and to catalyse optimal patient management, we have established Innovation Cell for Molecular Genomics, Super Specialty Pathology, and Companion Diagnostics Expansion. We will continue to build our capabilities in different areas and will look out for more opportunities to offer ‘affordable’ testing to patients as we penetrate further into tier 2- and tier 3 cities,” says Ameera Shah,  Promoter & Managing Director, Metropolis Healthcare Ltd.
     
    Shah is mindful that in the past 2-3 years due to the Covid-19 pandemic, the industry has gone through several structural changes and consumer behaviour towards health has changed to a larger extent. Shah has noted that new players have forayed into diagnostics and are majorly focusing on the larger pie of the ‘Chronic and Wellness’ segment.
     
    “People have become more health conscious and have proactively started investing in health packages and want to keep a check on their health. Therefore, our goal will now be to focus on 100% of the population which includes chronic and wellness patients. We aim to target them through wellness packages at good price points, loyalty programmes etc,” says Shah.
     

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  • Diagnostics is the next big battleground: How Dr Lal Pathlabs, SRL are trying to hold fort

    Diagnostics is the next big battleground: How Dr Lal Pathlabs, SRL are trying to hold fort

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    As major conglomerates are gradually penetrating the diagnostics market, dominant players such as Dr Lal Pathlabs and Metropolis Healthcare are charting out plans to retain their leadership position in the game.

    The diagnostics majors are looking at inorganic growth for their network expansion which is further heightening the competition. For instance, Dr Lal PathLabs acquired Suburban Diagnostics in 2021 for Rs 925 crore in West India. It is also planning expansion in South India with a reference laboratory in Bangalore which is a major market for Metropolis Healthcare. 

    In the same year, Metropolis Healthcare acquired Dr Ganesan’s Hitech Diagnostic Centre (Hitech) and its subsidiary Centralab Healthcare Services (Centralab) for Rs 636 crore. SRL completed the DDRC- SRL JV acquisition in April 2021 enabling it to consolidate its market share in Kerala and strengthens its B2C presence. 

    Hyderabad-based Vijaya Diagnostics has also indicated that it has plans to expand in Andhra Pradesh and Telangana, and it is interested in acquiring lucrative diagnostic firms in Eastern India for exploring business opportunities in the region.

    Diagnostics companies are focusing on new segments and trying to enter new geographies which have become all the more important after the pandemic. Dr Lal PathLabs is focusing on tier II and Tier III towns especially in North and Eastern Parts of India and Metros and Tier I towns in Sothern and Western parts of India. As covid testing is no more a profitable area, Dr Lal PathLabs aims to invest in IT and Digital and focus on wellness packages. The noted diagnostic chain is also focusing on bundled and preventive health checkup packages.
     
    “We are identifying and focusing clinical segments like allergy, auto-immune disorders etc. We also now want to strengthen the online retail segment. As far as our expansion plans are concerned, we want to look at South and Western Markets,” says Dr Om Manchanda, Managing Director, Dr Lal Pathlabs.  “India is a highly underpenetrated market. Post-Covid, the diagnostics penetration will grow as the practice of medicine becomes more evidence-based, especially in tier II and tier III towns,” he says.
     
    Similarly, for SRL Diagnostics, another major diagnostic player, test menu expansion to offer more diagnostic solutions, network expansion to acquire market share and new customers, and consistently delivering high-quality diagnostic services remain the growth drivers. Strategizing its growth, in FY22, SRL added more than 1000 centres to its network and in Q1 FY23, it added about 250 more.
     
    “These new touchpoints are part of our strategic growth plan. We are investing in our capabilities to offer services through digital touchpoints as well as reinforcing our home collection units to fulfill changing customer behaviour post-pandemic,” says Anand K. CEO, SRL Diagnostics.

    According to market analysts, the Indian Diagnostics industry is estimated at Rs 675 billion with the industry growing at an annual rate of 8-9%. National players hold about 15% of the market share and therefore there is ample opportunity for growth. Recent acquisitions by large laboratory chains and the entry of new players will see the industry consolidate at a faster rate.
     
    Metropolis Healthcare Ltd has also made it clear that it aims to nurture and expand the scope for Oncology, Pre-natal testing, transplant Immunology, and Infectious and Chronic diseases through next-generation sequencing and artificial intelligence.
     
    “To realize this goal and to catalyse optimal patient management, we have established Innovation Cell for Molecular Genomics, Super Specialty Pathology, and Companion Diagnostics Expansion. We will continue to build our capabilities in different areas and will look out for more opportunities to offer ‘affordable’ testing to patients as we penetrate further into tier 2- and tier 3 cities,” says Ameera Shah,  Promoter & Managing Director, Metropolis Healthcare Ltd.
     
    Shah is mindful that in the past 2-3 years due to the Covid-19 pandemic, the industry has gone through several structural changes and consumer behaviour towards health has changed to a larger extent. Shah has noted that new players have forayed into diagnostics and are majorly focusing on the larger pie of the ‘Chronic and Wellness’ segment.
     
    “People have become more health conscious and have proactively started investing in health packages and want to keep a check on their health. Therefore, our goal will now be to focus on 100% of the population which includes chronic and wellness patients. We aim to target them through wellness packages at good price points, loyalty programmes etc,” says Shah.
     

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  • Google takes on lease 4.64 lakh sq ft space at Adani data centre in Noida

    Google takes on lease 4.64 lakh sq ft space at Adani data centre in Noida

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    Adani Enterprises has given on lease 4.64 lakh square feet of space at its data centre in Noida to Raiden Infotech, an entity of Google, for Rs 11 crore monthly rent, according to documents accessed by CRE Matrix.

    The documents, accessed by the data analytics firm, showed that D C Development Noida Ltd, which is part of Adani Enterprises Ltd, has leased 4,64,460 square feet of space at Adani data centre in Sector-62, Noida for a period of 10 years.

    The rental is Rs 235 per square feet per month. The starting annual rent is Rs 130.89 crore and there will be 1 per cent increase in the rental every year. The lease agreement was signed last month, the documents showed.

    Email queries sent to Adani Group’s flagship firm Adani Enterprises and Google remained unanswered.

    In February 2021, Adani Enterprises had formed an equal joint venture with leading global data centre operator EdgeConneX to develop and operate data centres throughout India.

    To start with, the JV had announced building a network of hyperscale data centres in India, starting with Chennai, Navi Mumbai, Noida, Vizag and Hyderabad.

    In July 2021, Noida Authority had allotted 34,275 square metres land at Sector 62 to Adani Enterprises for setting up a data centre with an investment of around Rs 2,400 crore.

    Adani Enterprises Ltd had in November last year divested its 100 per cent stake in DC Development Noida Pvt Ltd to AdaniConnex Pvt Ltd, which is an equal joint venture between Adani Enterprises and EdgeConneX.

    Last month, real estate consultant CBRE released a report ‘Data Centres in India: Powering Up Real Estate in a Data-High Era’, stating that there has been a surge in demand for data centres in India on growing digitalisation and policy impetus.

    The COVID pandemic has accelerated the adoption of technology and data usage has increased significantly, it said.

    Moreover, CBRE noted, OTT, online gaming, increased smartphone usage, e-commerce, online schooling by edutech platforms, location-agnostic work, along with advanced technologies, including machine learning, 5G, blockchain and artificial intelligence, have led to a multi-fold jump in data transmission and need for high spec servers.

    India’s data centre market has witnessed an investment of USD 14 billion in the last five years, and the cumulative funding could cross USD 20 billion by 2025 as investors look for assets with stable income, according to CBRE.

     

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