Mumbai: Smart card maker Bartronics India Ltd said on Monday it has won a project from the Municipal Corporation of Delhi, which is expected to generate about Rs5,000 crore in revenue over nine years.
Aapke Dwar is a civic body project to set up and run 2,000 kiosks in Delhi on a build-operate-transfer (BOT) model for a period of nine years, the company said in a statement.
The company has tied up funds worth Rs200 crore for the project from five lenders, including Bank of Baroda, HSBCand Indian Bank, which will be used in FY10, Sudhir Rao, managing director, said over the phone.
“We have other bankers who are willing to provide us funding for operational expenses for the project,” he said, adding that working capital required would be around Rs40 crore.
Revenue from the project will start trickling in within about eight months from the start of the project on 1 April, he added.
The Municipal Corporation of Delhi will be paid a portion of the revenues as annual licence fees towards use of the 2,000 selected sites, the company said in a statement.
The Hyderabad-based firm also has the right to advertisement revenue from kiosks. “We may tie up some of the revenues in advance,” as advertising deals are expected to be clinched soon eyeing 2010 Commonwealth Games in Delhi, Rao added.
Alan Rosling to quit Tata Sons next month
Mumbai: Tata Sons Ltd’s Alan Rosling, who aided overseas acquisitions including steel maker Corus Group Ltd and car brands Land Rover and Jaguar, will step down as executive director of the Tata group holding company next month.
“My contract comes to an end and I am leaving,” Rosling said in an interview over the phone.
Rosling, who joined the group in 2004, is also a director of Tata AutoComp Systems Ltd and Tata International Ltd, according to the group website.
The 140-year-old group had sales of $62.5 billion (about Rs3 trillion) in 2007-08, 61% of which came from outside India, according to the website.