Summary of Key Information:
Reporting Period (Quarter/Year): Not Specified
Nature of Filing / Announcement: Outcome of Board Meeting - Acquisition Approval
Audit Opinion:
Not Specified
Key Financial Highlights:
Not Specified
Standalone Results:
Not Specified
Consolidated Results:
Not Specified
Segment-wise Performance:
Not Specified
Corporate Actions:
The Board of Directors has approved the proposed acquisition of 100% of the equity share capital of Infinova (India) Private Limited.
The Board has approved a budget of up to USD 4.00 Million (US Dollar Four Million only) for this acquisition.
The consideration will be paid in cash, in accordance with payment terms to be set out in definitive agreements.
Other Significant Information:
Acquisition Target: Infinova (India) Private Limited, a Pune-based company incorporated in 2010, part of the Infinova Global Group
Business: Engaged in assembly, manufacturing, supply, integration, servicing and support of electronic security and video-surveillance products and solutions
Product Portfolio: Smart IP cameras, specialised cameras, intelligent video-management software, network video recorders, video analytics, artificial intelligence-based solutions, traffic-management solutions, and surveillance solutions for critical infrastructure, industrial, financial, retail, government and enterprise applications
Facilities: Operates an assembly and manufacturing facility in Pune
Strategic Rationale: Will strengthen Company's presence in surveillance and electronic security business; provides existing assembly and manufacturing facility; exclusive rights to use Infinova brand in India; experienced team; established customer and service network; supplier and OEM relationships; significant project references across airports, metro projects, smart and safe cities, oil and gas, power, defence and other high security sectors
Transition Impact: Moves Company beyond primarily distribution-led model to integrated surveillance platform covering branding, manufacturing, products, projects, sales and after-sales service; supports Make in India strategy; helps develop locally assembled and compliant surveillance products
Budget Breakdown: Includes consideration payable to Infinova Group at closing, acquisition-related transaction costs, and professional fees and expenses
Completion Timeline: Expected upon satisfactory completion of due diligence, execution of definitive agreements, receipt of necessary approvals and fulfilment of agreed closing conditions
Final Details: Verified financial details including turnover for preceding three financial years will be disclosed after completion of due diligence