Eraaya Lifespaces

Ebix Technologies Limited, a subsidiary of Eraaya Lifespaces, has been awarded a ₹140 crore contract by Maharashtra State Road Transport Corporation (MSRTC) for implementing the National Common Mobility Card (NCMC) program across Maharashtra. The project involves mandatory adoption of NCMC smartcards for concessional passengers on MSRTC buses, with a minimum business assurance of 70 lakh cards in the first year, scaling to over 2 crore cards through 3,000 retail outlets. The initiative supports the Government of India's 'One Nation One Card' vision and is expected to generate transaction volumes exceeding ₹2000 crore annually. Ebix Technologies previously secured a contract in November 2022 for supplying 38,622 Electronic Ticketing Machines and has facilitated approximately 220 crore passenger tickets over two years across MSRTC's 16,000+ bus fleet serving 13 crore monthly passengers. The project runs from July 2025 to November 2028 with a 6-month implementation period.

Eraaya Lifespaces announced that its subsidiary Ebix Technologies Limited has secured a ₹140 crore contract with Maharashtra State Road Transport Corporation (MSRTC) for implementing India's first statewide National Common Mobility Card (NCMC) rollout for concessionaires. The project aligns with the government's 'One Nation One Card' initiative and aims to create a unified digital payment system for public transit. Ebix Technologies previously supplied 38,622 Electronic Ticketing Machines to MSRTC and has facilitated approximately 220 crore passenger tickets over two years across MSRTC's fleet of over 16,000 buses serving more than 13 crore passengers monthly. The new NCMC program includes mandatory adoption for concessional passengers, a minimum target of 70 lakh cards in the first year scaling to over 2 crore cards statewide, and establishment of 3,000 retail outlets. The system will use Aadhaar-based authentication for verification of senior citizens and other concessional categories, with expected annual transaction volumes exceeding ₹2000 crore once fully operational.

Eraaya Lifescapes Limited's Board of Directors approved several key decisions including the formation of a Business Strategy Group, reaffirmation of expansion plans, and appointment of an Investor Relations agency. The company announced its intention to pursue cancellation and rescission of its Foreign Currency Convertible Bonds (FCCB) issuance with full repayment to bondholders. The FCCB was originally intended to fund the acquisition of Ebix Inc., but Eraaya received only USD 80 million of the USD 120 million raised, with the remaining USD 40 million being withheld by Elara Capital and bondholders. The company cited legal impossibility, fiduciary breach, and foundational misrepresentations as reasons for the decision. Eraaya faces ongoing litigation at the National Company Law Tribunal where shareholders have challenged the FCCB terms. The company also revealed a conflict of interest involving Oyster Bay, a FCCB subscriber managed by Elara Capital, which was also the financial advisor for the issuance. The Board noted delays in finalizing consolidated audited financial results for the year ended March 31, 2025, due to complex consolidation processes involving Ebix Inc. and its 55 global subsidiaries. The company's Advisory Board, comprising distinguished professionals, endorsed the resolution approach.