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Mumbai, 16 May
Infotech Enterprises Limited (NSE: INFOTECENT) has announced today its strategic move to address Geospatial business opportunities in India and the Middle East by taking majority stake in Hyderabad-based Geospatial Integrated Solutions Pvt Limited (Geospace Integra).
The geospatial market in India and Middle East is estimated at Rs. 1000 crore and is expected to see a 12% growth rate over the next five years. The India government’s Open Map Policy and Survey of India’s large-scale mapping initiatives are unlocking geospatial opportunities in several areas. These include land records; urban planning; environment, forestry and natural resources; utility infrastructure planning and management; and defence. Similarly, the rapid pace of infrastructure development in the Middle East has led to a growing demand for geospatial services in that region.
Infotech is a world leader in geospatial services, particularly for the telecom, utilities and government markets in North America, Europe and Australia. It also enjoys a significant presence in the telecom and utility segments in India. By investing in Geospace Integra and leveraging the combined entity’s strengths, Infotech moves into an even stronger position to address the high-growth geospatial markets in India and the Middle East.
Under the terms of the agreement, Infotech and Geospace Integra will consolidate their geospatial business in India and Middle East into a single entity led by Chandrasekhar Nori. Chandrasekhar Nori has over 25 years of experience in Remote Sensing and mapping industry in India. He is credited with engineering and development of photowriting and imaging technology for Indian defence industry. The new entity will operate as a subsidiary of Infotech Enterprises Limited.
BVR Mohan Reddy, Infotech’s Chairman and Managing Director commented: “As we continue to reinforce our leadership position in the global geospatial markets, India and the Middle East become increasingly strategic to our growth objectives. By leveraging the knowledge and experience of Geospace Integra, supported by Chandrasekhar Nori’s leadership, we have a compelling value proposition for customers in these markets. We expect to achieve Rs. 100 Crore revenue in the next 3 years from our India and Middle East business.
Commenting on the initiative Chandrasekhar Nori, Geospace Integra’s Chairman & Managing Director said “I’m excited about joining hands with Infotech Enterprises. Geospace Integra has already built some key relationships in these markets and with Infotech’s wide-ranging domain expertise and capabilities to undertake end-to-end solutions level projects, I’m confident that we can quickly scale and attain leadership position in these market segments.”
For futher information, please contact:
Perfect Relations at 24367155
Shraddha at 9869100555
Shreya at 9820588011 |
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