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Micro tag maker Recoveri enters India with USD 10 million investment

Press Trust of India  |  New Delhi 

South Africa-based on Thursday announced entry in with investment of USD 10 million by next year.

The company is mainly targeting automobile segment for tagging four and two-wheelers with microdots -- 1 millimetre square grain size dots which carry unique number code linked to chasis of vehicle -- told reporters here.

The company sprays 15,000 microdots on critical components inside vehicle which can be traced with help of an ultra-violet torch and the number can be read with the help of a magnifier.

"We have earmarked overall investment of USD 10 million which will be done in over a period of next one year. Major part of it will be used in setting up a microdot production factory in Manesar (Haryana)," Opperman said.

The company has partnered with Delhi-based firm Falcon to market its product in the country.

"We have had discussion with automotive component makers body ACMA for a pilot project that will commence in a fortnight. Component makers are keen to use microdots to check sale of duplicate products," Opperman said.

He said the government is working on draft regulation to prevent theft of vehicles, which once finalised will boost business of the company.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, October 11 2018. 16:25 IST