Royace Eye, ITI form pact to make security devices

British security solution provider Royace Eye Industries today announced a strategic technology-sharing partnership with public sector firm ITI to manufacture security devices in India.
"Our tie-up with ITI Ltd is part of our larger strategic initiative of enabling IoT. We are aggressively working on getting more such firms to partner with Royace Eye. We are investing heavily to set up robust manufacturing capabilities and expanding our reach in India," Jaskaran Deep Singh, CEO, Royace Eye Industries, said in a statement.
Royace Eye Industries (India) Limited and ITI Ltd are aiming at a production capacity of 1 lakh units per month to cater to the market of smart surveillance and security devices and Internet of Things-based products in commercial and public sectors.

Both firms have got into a pact, under which Royace Eye Industries and ITI will be sharing technology-specific information and intellectual property, the statement said.
The government has approved Rs 4,156.79 crore to upgrade infrastructure of ITI for its revival. The funds are to be released in two phases, consisting of Rs 1,892.79 crore as grants-in-aid for payment of statutory liabilities and Rs 2,264 crore as capex.
Till date, the Finance Ministry has released only Rs 507 crore.
The state-owned IT and telecom product maker has reported lowering of net profit on standalone basis at Rs 11.24 crore in the first quarter ended June 2016 compared with Rs 40.73 crore a year ago.

The company also reported an over two-fold increase in income from sales at Rs 325.9 crore during the reported quarter against Rs 125.54 crore in same period of 2015-16.