Finally, the website owned by the ADA group says that there is no potential for it in the youth networking business which is dominated by Facebook and other global players, and that its future lies in e-commerce rather than 'free' social networking services
As reported by Moneylife on 1st July BigAdda.com, the blog and youth networking site owned by the Reliance Anil Dhirubhai Ambani (ADA) group, has said that it will discontinue its social media services and focus on its e-commerce initiatives. (Read, "BigAdda to scale down social-networking services".)
In a statement today, Rohit Sharma, chief executive, Reliance Entertainment's digital business, said, "This is a conscious decision to transition BigAdda.com to e-commerce business. We believed that local social media platforms would do exceptionally well. However, local social media networks show no potential anymore with the dominance of Facebook and other global players. We believe that the growth drivers of the digital space are e-commerce, gaming and video on demand (VOD)."
He, however, clarified that the blog written by Bollywood superstar Amitabh Bachchan (BigB, as he is popularly known in film circles) would continue on BigAdda.com. "Fans can continue to read the superstar's blog daily on www.bigb.bigadda.com as BigB's blog has an identity of its own and will continue to connect Big B with millions of fans across the globe," Mr Sharma said.
BigAdda's e-commerce has been in operation since the last three months on a pilot phase and has seen the fastest ramp-up of orders compared to any e-commerce player in India, recently. BigAdda has crossed Rs2 crore in gross value of transactions per month for June, and is poised to be one of the leading e-commerce players in the country, with its combination of readers' offers and the e-tailing business model, the company said.
The total e-commerce market in India is estimated to be between Rs3,000 crore and Rs3,500 crore with contributions from teleshopping around Rs1,500 crore, readers' offers (including teleshopping) Rs1,000 crore and online Rs700 crore. Mr Sharma said, "The alternate retailing market, or readers offer, and teleshopping is growing at a compound annual growth rate (CAGR) of 30%, while the online segment is growing at 50% CAGR. With increasing spending power and aspirations of youth in small towns and the acceptance of credit and debit cards as a mode of online payment, e-commerce will grow exponentially in India."
The ADA group launched BigAdda in 2007 with much fanfare, with the stated aim of achieving a user base of 10 million by 2010. Currently, the site caters to around 5.5 million youth, out of which 3.5 million registered users are from small towns. Although, BigAdda was launched with an aim to evolve a youth community, it failed to stick to this platform. Even today, it is better known as a blog space for celebrities, than for commonplace socialising. Over the past few months, BigAdda also tried to concentrate on gaming, instead of social networking services.
The agency is probing whether baba Ramdev's investments and transactions were carried out in conformity with guidelines laid down by the RBI and other regulatory bodies
New Delhi: The Enforcement Directorate (ED) has asked various agencies to obtain documents related to companies and several trusts affiliated to yoga guru baba Ramdev as part of its discreet probe into his offshore assets and investments, reports PTI.
The ED is verifying the holding patterns and other details of the companies through the Registrar of Companies (RoC) and the ministry of corporate affairs, official sources said.
The agency is probing whether baba Ramdev's investments and transactions were carried out in conformity with guidelines laid down by the Reserve Bank of India (RBI) and other regulatory bodies, they said.
The ED is also probing baba Ramdev's island in Scotland which was gifted to him by a couple, who are amongst his followers.
The Little Cumbrae Island, off the fishing town of Largs in Scotland, serves as the baba's base overseas and also as a wellness centre.
The discreet probe, according to the sources, is aimed at checking the flow of money and transactions through various trusts floated by baba Ramdev, including the Patanjali Yogpeeth Trust, Divya Yoga Mandir Trust and Bharat Swabhiman Trust.
The directorate, after completing the probe, may decide to formally register a case under the provisions of the Foreign Exchange Management Act (FEMA) or the stringent Prevention of Money Laundering Act (PMLA), if findings show anything unlawful, they said.
The discreet probe, also called 'source' probe by investigators, is done on the basis of available documents and intelligence information from various official databases.
The Central Bureau of Investigation (CBI) has also registered a preliminary enquiry (PE) against Mr Balakrishna, a close aide of baba Ramdev, for allegedly using forged documents to acquire passport.
With the new facility, the initial production of gas is set to touch 2 mmscmd and that of associated oil to 9,400 bpd. ONGC, which has 24 blocks in the basin, currently produces 840 tonnes of oil per day and 3.8 mmscmd of gas from its onshore blocks
Hyderabad: State-run Oil and Natural Gas Corporation (ONGC) is all set to start production of natural gas and oil from its offshore blocks, G1 and GS15, in the KG basin by month end and is awaiting a nod from the PMO for formal inauguration, reports PTI.
As this is the first offshore block of the PSU in the Krishna-Godavari basin being put into production, it is apt for prime minister to inaugurate the facility, a senior official, who did not want to be quoted, said.
"As the first offshore block of the country, Mumbai High in the west coast was inaugurated by then PM Indira Gandhi, we want the present PM Manmohan Singh to inaugurate the east coast offshore field," the official said.
With the new facility, the initial production of gas is set to touch 2 million metric standard cubic meters per day (mmscmd) and that of associated oil to 9,400 barrels per day (bpd), sources said.
The oil and natural gas major, which has 24 blocks in the basin, currently produces 840 tonnes of oil per day and 3.8 mmscmd of gas from its onshore blocks.
While, the G1 block is located 28 km off Amalapuram coast in water depths ranging from 135 to 500 meters, the GS 15, in shallow waters, is located at 5 km from the coast in the KG basin.
The project is almost five years behind schedule with the cost overruns following delay on part of the Australian contractor Clough Engineering who eventually quit the project.
The production of the gas was originally scheduled to start from the integrated field way back in April 2006, at an estimated cost of Rs1,200 crore.
Leighton India had been awarded a $17 million contract for completion of the offshore installations.
Since these blocks were allotted on a nomination basis, ONGC gets 60% of the international price for oil and $4.2 per British thermal unit for gas.