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Infotech Enterprises makes strategic investment to address geospatial market opportunities in India and Middle East
Hyderabad, 15 May 2007: 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. Ltd (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-up and attain leadership position in these market segments.”
About Infotech Enterprises Limited
Infotech Enterprises Limited, (BSE & NSE: INFOTECENT) a $120 million Global IT services company provides Engineering Design Services and Geographic Information Services to manufacturing, aerospace, transportation, telecom, utilities and government customers worldwide. Infotech currently employs over 5500 professionals across 25 global locations and is certified to SEI CMMi Level 5, ISO 9001:2000, AS 9100 and ISO-27001 standards. Visit www.infotechsw.com to know more.
About Geospatial Integrated Solutions Pvt Limited
Geospatial Integrated Solutions - Geospace Integra - is founded in early 2006 to serve the enterprise-wide GIS needs of the most discerning and demanding clients in various segments. Geospace Integra is committed to 'mainstreaming geography' into the major verticals of the Government and Industry. The Company leverages the two-decade-plus experience of its promoters in offering comprehensive and innovative IT solutions with embedded GIS functionality. Visit www.geospaceintegra.com to know more.
For further details, pl. contact
Infotech Enterprises Limited Geospace Integra
Susindar K S Chandrasekhar Nori
Tel: +91-99088-33385 Tel: +91-40-2780 6790/91/92