Magellanic Cloud’s wholly owned subsidiary, Provigil Surveillance Limited, has secured a significant purchase order from Indian Bank valued at approximately ₹10 crore. The order entails the deployment of advanced AI-powered, centrally monitored electronic surveillance systems across multiple branch locations under an OPEX model. This initiative is expected to enhance smart monitoring, real-time visibility, and security management across the bank’s network.
The contract, awarded by a domestic entity, involves the supply, installation, commissioning, and maintenance of the electronic surveillance systems. The project is scheduled to be executed over a period of three years.
Importantly, none of the promoter, promoter group, or group companies of Magellanic Cloud have any interest in the entity that awarded the contract, and the order does not fall within the realm of related party transactions.
This development underscores Magellanic Cloud’s strategic focus on leveraging technology to provide innovative solutions in the surveillance sector, further solidifying its position in the industry.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).