Royace Eye ties-up with ITI to make locally vehicle & home security products for India

The firm recorded profits of Rs 251 crore, its 1st in 14 yrs on revenue of Rs 1,253 crore in FY16

British security solutions provider Royace Eye Industries has tie-up with public sector undertaking (PSU) Indian Telephone Industries Limited (ITI Limited) to locally manufacture devices such as vehicle security solutions, GPS tracking devices and sports camera for the Indian market.

ITI, a sick PSU that once dominated India’s analog telecom business is looking at tie-ups with firms such as Royce to revive its business. The firm recorded profits of Rs 251 crore, its first in 14 years on revenue of Rs 1,253 crore in FY16.

Royace will share technology to ITI to manufacture the products and build a network to sell them in the country. It aims to make 100,000 devices a month, the company said in a statement.

"With this tie-up we would see continued leadership in the security and technology space as we have now gained access to new technological frontiers", said Jaskaran Deep Singh, chief executive of Royace Eye Industries Ltd.