VORTEX ENGINEERING (a subsidiary Company of Vakrangee Limited) SIGNS SERVICE LEVEL AGREEMENT WITH UCO BANK FOR 300 NEW ATM MACHINES
VAKRANGEE · price
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Vortex Engineering Private Limited, a subsidiary of Vakrangee Limited, has signed a Service Level Agreement with public sector lender UCO Bank. Under the deal, Vortex will supply, install, and maintain 300 new ATMs on an end-to-end basis over a period of seven years, including annual maintenance. The total contract value is Rs.12.81 crore. Vortex already has over 14,000 ATMs deployed across India with an annual production capacity of 12,000 units, and this order adds to its existing PSU bank engagements. The contract is at arm's length and the promoters have no interest in UCO Bank.
This is a modest-sized contract for Vakrangee at Rs.12.81 crore spread over 7 years (roughly Rs.1.83 crore annually), so it is unlikely to materially move the stock. However, it reinforces Vortex's positioning in the government/PSU banking segment and supports long-term recurring revenue through the AMC component, which is mildly positive for sentiment.