Upon Award, the Opportunity Would Further Strengthen Magellanic Cloud’s Presence in the BFSI E-Surveillance Segment
Hyderabad (Telangana) [India], October 26: Magellanic Cloud Limited (NSE: MCLOUD | BSE: 538891) announced that its wholly owned subsidiary, Provigil Surveillance Limited, has emerged as the L1 (lowest) bidder in the tender issued by Bank of Maharashtra for the provision of e-surveillance solutions across 1,550+ sites, with a project value of approximately ₹115 Crore.
The scope of work under the tender includes the supply, installation, and commissioning of e-surveillance systems with advanced AI features, along with the operation of a 24/7 Central Monitoring Station. The award of the contract remains subject to the issuance of a formal order by Bank of Maharashtra.
E-Surveillance in Banking: Securing Distributed Networks
Banks operate large, geographically distributed networks of sites that require round-the-clock security and monitoring. E-surveillance lets these sites be monitored remotely from a centralized station, so oversight is consistent, and incidents can be responded in time across locations. As banks continue to modernize their security infrastructure, centrally monitored e-surveillance has become an important part of how security is managed across their networks.
Key Highlights
- L1 Bidder with a Project Value of approx. ₹115 Crore: Provigil Surveillance Limited has emerged as the L1 (lowest) bidder in the tender issued by Bank of Maharashtra.
- Coverage Across 1,550+ Sites: The tender covers the provision of e-surveillance solutions across 1,550+ sites.
- Scope of Work: Supply, installation and commissioning of e-surveillance systems with advanced AI features, along with the operation of a 24/7 Central Monitoring Station.
- Subject to Formal Award: The award of the contract remains subject to the issuance of a formal order by Bank of Maharashtra.
Strengthening Presence in BFSI E-Surveillance
This development represents a significant opportunity for Provigil Surveillance Limited. Upon award, it would further strengthen Magellanic Cloud’s presence in the Banking, Financial Services and Insurance (BFSI) e-surveillance segment. The bid is in the ordinary course of business of Provigil and is aligned with its core business of providing integrated surveillance, telecommunications and security infrastructure solutions. Magellanic Cloud remains committed to delivering high-quality, efficient and reliable solutions and will continue to pursue similar opportunities across the BFSI, transportation, government and critical infrastructure sectors.
| Commenting on the Development, Mr. Joseph Sudheer Reddy Thumma, Chairman & Managing Director, Magellanic Cloud Limited, said: “We are pleased that Provigil Surveillance Limited has emerged as the L1 bidder in Bank of Maharashtra’s e-surveillance tender covering 1,550+ sites. The scope includes the operation of a 24/7 Central Monitoring Station and is closely aligned with Provigil’s core business of integrated surveillance and security infrastructure solutions. Subject to the formal award, this opportunity would further strengthen our presence in the BFSI e-surveillance segment. We remain focused on delivering high-quality, efficient and reliable solutions.” |
Magellanic Cloud Limited will keep the stock exchanges and shareholders informed of any further material developments in this regard, in accordance with applicable regulatory requirements.
About Magellanic Cloud Limited
Magellanic Cloud Limited (BSE: 538891 | NSE: MCLOUD), headquartered in Hyderabad, India, is a global technology company specialising in digital transformation, Generative Artificial Intelligence (AI), cloud computing, e-surveillance, and drone technologies. The company delivers advanced solutions across industries, including smart infrastructure, defence, fintech, and enterprise IT, serving over 100 clients across the USA, Europe, and Asia.
With a strong ecosystem of subsidiaries – Motivity Labs, Provigil Surveillance Limited, IVIS International, Scandron, MCRAY Xtend India and JNIT Technologies- Magellanic Cloud offers integrated capabilities across IT services and AI-driven surveillance systems. Its solutions are widely deployed in critical infrastructure projects, including railways, highways, BFSI, PSUs and urban security systems.
The company is backed by a team of over 1,600 professionals and has achieved CMMI Maturity Level 3 certification
Disclaimer
Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
