PNN
Mumbai (Maharashtra) [India], July 2: Magellanic Cloud Limited (NSE: MCLOUD, BSE: 538891), a leading technology solutions provider, today announced that its wholly-owned subsidiary, IVIS International Private Limited, has received a Letter of Intent (LOI) from Manappuram Finance Limited, one of India's largest gold loan institutions.
The proposed engagement focuses on delivering outsourced Command & Control Centre (CCC) e-surveillance services.
Scope of the Proposed Partnership
Under the scope of this proposed partnership, IVIS is set to deploy an end-to-end security solution across Manappuram Finance's extensive branch network.
The comprehensive rollout will include the supply, installation, commissioning, centralized monitoring, and maintenance of cutting-edge security infrastructure.
Key Highlights of the Engagement
- Advanced AI Capabilities: Utilizing IVIS' proprietary AI-powered Command & Control Centre platform to deliver intelligent surveillance and real-time event monitoring.
- Proactive Security Management: Automated alert handling, swift escalation protocols, and specialized vault operations monitoring to protect high-value secured assets.:
- Phased Expansion: The deployment is proposed to cover approximately 1,000+ branches in a phased manner, subject to definitive agreements and subsequent Purchase Orders.
- BFSI Market Expansion: This milestone significantly strengthens Magellanic Cloud's footprint in the Banking, Financial Services, and Insurance (BFSI) sector, showcasing growing industry trust in its high-tier enterprise security solutions.
Management Commentary
"Serving one of the country's premier gold loan institutions highlights the growing industry confidence in our AI-enabled surveillance and centralized security management capabilities. In the BFSI segment, intelligent command centres and real-time operational visibility are no longer just optional upgrades--they are critical components of enterprise security."
Letter of Intent Status
While the receipt of this LOI marks an important strategic milestone toward establishing a long-term business relationship with Manappuram Finance Limited, the company clarifies that the LOI is currently non-binding in nature.
The final project scope, commercial terms, timelines, and overall contract value will be formalized upon the execution of definitive agreements and the issuance of final Purchase Orders.
Magellanic Cloud Limited remains committed to keeping the stock exchanges and shareholders informed of any material developments in accordance with regulatory requirements.
About Magellanic Cloud Limited
Magellanic Cloud Limited (NSE: MCLOUD, BSE: 538891) engages in software development, digital transformation, and advanced technology solutions including AI-driven e-surveillance, drone manufacturing, and IT consulting.
Through its subsidiary IVIS International, the company delivers leading-edge, automated security solutions designed for complex enterprise networks and the BFSI sector.
Safe Harbor Statement
Certain statements in this document may be forward-looking statements. Such statements are subject to certain risks and uncertainties, like government actions, local, political, or economic developments, and many other factors that could cause actual results to differ materially from those contemplated.
Magellanic Cloud Limited undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
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