Magellanic Cloud Limited’s wholly owned subsidiary, Provigil Surveillance Limited, has secured a notable purchase order exceeding ₹25 crore from Punjab & Sind Bank. This significant order involves the deployment of advanced AI-enabled surveillance solutions across approximately 930 ATM/CRM sites, enhancing real-time monitoring, threat detection, and operational efficiency within the bank’s network.
The order is a strategic milestone for Magellanic Cloud, reinforcing the company’s growth trajectory and enhancing its visibility in the order book. It positions the company strongly for continued expansion in the surveillance and smart infrastructure domain, particularly within the banking and financial services sector.
The contract, awarded by a domestic entity, involves end-to-end implementation, installation, commissioning, and maintenance of integrated e-surveillance systems under an OPEX model for a duration of five years. This development marks a key milestone in strengthening the group’s presence in the fast-growing surveillance and security solutions segment.
Notably, none of the promoter or promoter group companies have any interest in the entity that awarded the contract, and the order does not fall within the purview of related party transactions.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).
This article is written by Arunika Jain and reviewed by Aman Shukla before publication.