Magellanic Cloud Subsidiary Secures Major NHAI-Linked Order! 🛣️
Hey finance fam! 👋 Get ready for a dose of interesting news from the world of Indian IT and infrastructure. Magellanic Cloud Limited (MCLOUD), a prominent player in IT and digital solutions, recently shared an exciting business update that’s worth diving into.
Their wholly-owned subsidiary, Provigil Surveillance Limited, has bagged a substantial Purchase Order from none other than Indian Highways Management Company Limited (IHMCL). Why is that significant? Because IHMCL is an initiative of the National Highways Authority of India (NHAI), the powerhouse behind India’s vast road network! 🇮🇳
This isn’t just any order; it’s valued at approximately Rs. 32 Crores, with an impressive potential to scale up to Rs. 75 Crores! The scope of work involves implementing an Audit Camera System for Vehicle Count & Classification at various toll plazas across eight states under Zone 1. Imagine the data and efficiency this will bring to India’s highways! 📊
For context, Magellanic Cloud, with its diverse portfolio, has subsidiaries focusing on different tech verticals. Provigil Surveillance’s expertise in surveillance systems clearly aligns perfectly with the requirements of modern highway management. This order underscores their capability to deliver critical infrastructure solutions.
Importantly, the company has also clarified that this order is not a related party transaction, and neither the promoters nor any group companies have an interest in the entity that awarded the contract. This transparency is always a good sign for investors and stakeholders. ✅
This development highlights Magellanic Cloud’s continued growth trajectory and its subsidiary’s role in India’s evolving infrastructure landscape. Orders from government-backed entities like NHAI’s initiatives often signify stable revenue streams and a strong vote of confidence in the company’s capabilities.
Keep an eye on MCLOUD as they continue to expand their footprint in vital sectors! You can learn more about Magellanic Cloud and their diverse services by visiting their official website here.
What are your thoughts on this latest development? Share in the comments below! 👇
source: Corporate Announcement
Join our Telegram for instant updates!