Bangalore, May 15 (UNI) Infotech Enterprises Limited today announced its strategic move in buying out majority stake in Hyderabad based Geospatial Integrated Solutions Pvt Limited to address Geospatial business opportunities in India and the Middle East worth Rs 1000 crore.
The Company in a release said that the market was expected to grow by 12 per cent over the next five years.
The India government's Open Map Policy and Survey of India's large-scale mapping initiatives were unlocking geospatial opportunities in several areas including 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 said in a release here.
Infotech was a world leader in geospatial services, particularly for the telecom, utilities and government markets in North America, Europe and Australia. It also enjoyed a significant presence in the telecom and utility segments in India. By investing in Geospace Integra and leveraging the combined entity's strengths, Infotech 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, Infotech and Geospace Integra would consolidate their geospatial business in India and Middle East into a single entity led by Chandrasekhar Nori, who 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 would operate as a subsidiary of Infotech Enterprises Limited.
UNI
The Company in a release said that the market was expected to grow by 12 per cent over the next five years.
The India government's Open Map Policy and Survey of India's large-scale mapping initiatives were unlocking geospatial opportunities in several areas including 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 said in a release here.
Infotech was a world leader in geospatial services, particularly for the telecom, utilities and government markets in North America, Europe and Australia. It also enjoyed a significant presence in the telecom and utility segments in India. By investing in Geospace Integra and leveraging the combined entity's strengths, Infotech 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, Infotech and Geospace Integra would consolidate their geospatial business in India and Middle East into a single entity led by Chandrasekhar Nori, who 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 would operate as a subsidiary of Infotech Enterprises Limited.
UNI
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