MOSCOW, Jan 24 (PRIME) -- Russian IT business has started acquiring firms and creating joint ventures with companies in India to enter the local market of state orders, business daily Kommersant reported on Tuesday.
Facial recognition systems developer VisionLabs, which belongs to mobile operator MTS, bought Indian NIS Glonass Private Ltd., which was registered in 2011 in Mumbai, from a unit of the operator of navigation system GLONASS. In India, the firm worked with systems of monitoring and city transport management. The amount of the deal is not disclosed.
VisionLabs needs restructuring to have access to state contracts in the country. “The Indian government obliges the companies bidding for state contracts to have experience in their fulfilment. Without it, a company will miss the requirements of the tender documents,” a VisionLabs representative told the daily.
VisionLabs General Director Dmitry Markov said the company’s expected revenue on the Indian market amounts to about U.S. $1 million in 2023.
A source on the IT market said that the requirement that a participant of a state tender must work in India at least 10 years appears in documents periodically, yet it is not stated by the law.
According to the Center for Strategic Research, India has become one of the largest new markets for Russia’s exports of IT solutions after the 2022 sanctions.
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