Magellanic Cloud Limited announced that its wholly owned subsidiary, Provigil Surveillance Limited, has emerged as the L1 (lowest) bidder in a tender issued by Bank of Maharashtra for e-surveillance solutions. The bid value is approximately ₹228 crore for a project value of approximately ₹115 crore.
The scope of work covers provision of e-surveillance solutions across 1,550+ sites of Bank of Maharashtra. The project includes 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. This opportunity is in the ordinary course of business for Provigil Surveillance Limited and aligns with its core business of providing integrated surveillance, telecommunications and security infrastructure solutions.
Upon award, this contract would strengthen Magellanic Cloud's presence in the Banking, Financial Services and Insurance (BFSI) e-surveillance segment. The company will continue to pursue similar opportunities across BFSI, transportation, government and critical infrastructure sectors.
Management commentary from Mr. Joseph Sudheer Reddy Thumma, Chairman & Managing Director, stated: "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."
The company will keep stock exchanges and shareholders informed of any further material developments in accordance with applicable regulatory requirements.