Magellanic Cloud Subsidiary Secures INR 10 Crore Purchase Order from Indian Bank
Magellanic Cloud Ltd. announced today that its wholly-owned subsidiary, Provigil Surveillance Limited, has received a purchase order from Indian Bank, valued at approximately INR 10 crore.The order entails the deployment of advanced, AI-powered, centrally monitored electronic surveillance systems across multiple Indian Bank branch locations. The project will operate under an OPEX model and is designed to provide smart monitoring, real-time visibility, and enhanced security management for the bank's network. The contract period is for 3 years.
According to information released, neither the company’s promoters, promoter group, nor group companies have any interest in Indian Bank. The order does not constitute a related-party transaction.
Order Details
| Particulars | Details |
|---|---|
| Entity Awarding Order | Indian Bank |
| Order Description | Supply, installation, commissioning and maintenance of electronic surveillance systems under an OPEX model. |
| Order Type | Domestic |
| Contract Execution Timeframe | 3 years. |
| Order Value | INR 10,00,00,000/- Approx. |
| Promoter/Group Company Interest | No |
| Related Party Transaction | No |
Joseph Sudheer Reddy Thumma, Managing Director of Magellanic Cloud Limited, confirmed the transaction.
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