Magellanic Cloud Subsidiary Secures ₹6 Crore Railway Contract
Filing Summary
Magellanic Cloud Ltd’s wholly owned subsidiary, Provigil Surveillance Limited, has received a Letter of Acceptance from East Coast Railway. The contract, valued at ₹6 Crores, involves the supply, installation, and commissioning of crew voice and video recording systems for electric locomotives. The project is set to be completed within 36 months. This development is in compliance with Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements. The contract does not involve any related party transactions, and no promoter group has an interest in the awarding entity.
Magellanic Cloud Ltd has announced that its wholly owned subsidiary, Provigil Surveillance Limited, has received a Letter of Acceptance from East Coast Railway. The contract involves the supply, installation, and commissioning of crew voice and video recording systems for electric locomotives. The total value of the contract is ₹6 Crores. This information was disclosed under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements.
The financial terms of the contract specify a total consideration of ₹6 Crores. The contract does not fall under related party transactions, and no promoter or promoter group has any interest in the entity that awarded the contract. The financial arrangement is straightforward, with the entire amount allocated for the specified deliverables.
The scope of work includes the supply, installation, and commissioning of crew voice and video recording systems for electric locomotives. These systems are intended to enhance operational safety and improve investigation efficiency. The systems will be installed across the railway network, contributing to crew performance accountability. The project involves technical specifications that align with the operational requirements of the railway network.
The contract awarded by East Coast Railway is a domestic order. The project is expected to be executed within a period of 36 months. This timeline includes all phases of supply, installation, and commissioning. The project is part of a broader initiative to enhance safety and operational efficiency within the railway sector.
The East Coast Railway is a significant entity within the Indian railway network, focusing on infrastructure development and operational efficiency. The awarding of this contract to Provigil Surveillance Limited underscores the railway’s commitment to integrating advanced technology solutions for improved safety and performance.
Magellanic Cloud Ltd is focused on providing technology solutions across various sectors. The company prioritizes strategic growth through its subsidiaries, such as Provigil Surveillance Limited, which specializes in surveillance and safety systems. Magellanic Cloud Ltd continues to expand its footprint in the technology sector, leveraging its expertise to secure contracts in critical infrastructure projects.