Magellanic Cloud Limited 's wholly-owned subsidiary, IVIS International Private Limited, has received a non-binding Letter of Intent (LOI) from Manappuram Finance Limited for AI-powered e-surveillance services. The proposed engagement covers the supply, installation, commissioning, and centralized monitoring of security infrastructure across approximately 1,000+ branches of Manappuram Finance. This development marks a significant milestone for IVIS in expanding its presence within the BFSI segment, specifically with one of the country's largest gold loan institutions.

Scope of Engagement

The LOI outlines a comprehensive service offering utilizing IVIS' AI-powered Command & Control Centre (CCC) platform. The solution is designed to deliver intelligent surveillance, real-time event monitoring, automated alert handling, and centralized branch visibility. Additionally, the scope includes vault operations monitoring and end-to-end maintenance of the security infrastructure. The deployment is scheduled to be executed in a phased manner, contingent upon the issuance of Purchase Orders and the execution of definitive agreements.

Key Parameters

Strategic Implications

Securing the LOI from a major financial institution highlights the growing industry confidence in IVIS' AI-enabled surveillance capabilities. The engagement addresses critical needs in the BFSI sector, such as proactive threat detection and real-time operational visibility for high-value secured assets. While the LOI represents a step towards a long-term business relationship, it is expressly non-binding and does not constitute a contractual or financial commitment at this stage. The final scope, commercial terms, and project timelines will be determined upon the execution of definitive agreements.

Provigil Surveillance Limited, a wholly owned subsidiary of Magellanic Cloud , has secured a Letter of Acceptance (LOA) from East Central Railway, Dhanbad Division, for an aggregate contract value of INR 3.13 Crore. The project encompasses the modernization of the Passenger Reservation System (PRS) network, upgradation of telecom connectivity through GPON technology, and associated Signaling & Telecommunication (S&T) works. This order reinforces the company's position in the railway telecom, networking, and surveillance infrastructure segment.

Project Scope and Details

The scope of work awarded to the subsidiary includes the deployment of telecom networking infrastructure, GPON-based fiber connectivity solutions, CCTV surveillance systems, and related S&T infrastructure. The contract entails the supply, installation, testing, commissioning, and integration of these systems, along with optical fiber networks, software, and monitoring systems. The order is classified as a domestic contract and must be executed within a period of 48 months.

Management Commentary

Joseph Sudheer Thumma, Global CEO & Managing Director of Magellanic Cloud Limited, stated that the order strengthens the company's position in India's railway technology ecosystem. He noted that the development follows the company crossing ₹250 crore in cumulative railway orders, reflecting a commitment to supporting the modernization of Indian Railways through advanced telecom, connectivity, and surveillance solutions. The focus remains on delivering technology-driven infrastructure to enhance operational efficiency, safety, and reliability across the rail network.

Contract Particulars

The disclosure confirms that none of the promoter, promoter group, or group companies have any interest in the entity awarding the contract. Furthermore, the order does not fall within the ambit of related party transactions. The filing was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.