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Infotech Enterprises makes strategic investment to address geospatial market opportunities in India and Middle East
Posted On : 2007-05-15 00:27:13( TIMEZONE : IST )
Infotech Enterprises Ltd on May 15, 2007 has announced its strategic move to address Geospatial business opportunities in India and the Middle East by taking majority stake in Hyderabad-based Geospatial Integrated Solution 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.
The Company 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, the Company 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, the Company 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 the Company.
BVR Mohan Reddy, the Company'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."
