Business Update

Magellanic Cloud Subsidiary Receives Letter of Intent from Manappuram Finance for AI-Powered E-Surveillance Across 1,000+ Branches

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Magellanic Cloud Limited announced that its wholly owned subsidiary, IVIS International Private Limited, has received a Letter of Intent (LOI) from Manappuram Finance Limited to provide AI-powered Command & Control Centre (CCC) e-surveillance services across approximately 1,000+ branches. The engagement is proposed to be executed in phases and remains non-binding until definitive agreements and purchase orders are signed.

PRICE-SENSITIVE TRIGGER

Event: Receipt of Letter of Intent (LOI)

Type: Business Update / Order Pipeline

Impact: Positive

Immediate Effect: The LOI strengthens Magellanic Cloud’s presence in the BFSI security solutions segment and creates a significant business opportunity. However, the company clarified that the LOI is non-binding, and commercial terms, timelines, and contract value will only be finalized after execution of definitive agreements and issuance of purchase orders.

Key Metrics:

Approximate Branches Covered: 1,000+
Customer: Manappuram Finance Limited
Project Value: Not Disclosed
Contract Value: Not Yet Finalized
Revenue Impact: Not Quantified

Highlight:

The proposed engagement covers AI-powered centralized surveillance services for over 1,000 Manappuram Finance branches, representing one of the company’s largest potential BFSI deployments.

What Happened ?

Magellanic Cloud Limited informed the stock exchanges that its wholly owned subsidiary, IVIS International Private Limited, has received a Letter of Intent (LOI) from Manappuram Finance Limited.

Under the proposed engagement, IVIS will deploy an end-to-end AI-enabled security ecosystem that includes supply, installation, commissioning, centralized monitoring, maintenance, and outsourced Command & Control Centre (CCC) services across Manappuram Finance’s nationwide branch network.

The deployment is expected to be carried out in phases covering approximately 1,000+ branches. However, the company emphasized that the LOI is non-binding, and the final scope, commercial terms, timelines, and contract value will only be determined after signing definitive agreements and issuance of purchase orders.

Key Details

Scope of Proposed Engagement:

Received a Letter of Intent (LOI) from Manappuram Finance Limited.
LOI awarded to wholly owned subsidiary IVIS International Private Limited.
Proposed deployment across approximately 1,000+ branches.
Engagement includes:
- Supply of AI-powered surveillance infrastructure.
- Installation and commissioning.
- Centralized monitoring.
- Maintenance services.
- Outsourced AI-enabled Command & Control Centre (CCC) operations.

Technology Highlights:

Proprietary AI-powered Command & Control Centre platform.
Real-time intelligent surveillance.
Automated event detection and alert handling.
Rapid escalation workflows.
Specialized vault operations monitoring.
Centralized enterprise security management.

Strategic Importance:

Expands Magellanic Cloud’s footprint in the Banking, Financial Services & Insurance (BFSI) sector.
Strengthens recurring managed security services business.
Demonstrates increasing enterprise adoption of AI-driven surveillance solutions.
Creates an opportunity for a long-term customer relationship with one of India’s leading gold loan institutions.

Important Clarification:

The LOI is non-binding.
Final commercial terms have not yet been agreed.
Contract value has not been disclosed.
Purchase Orders will be issued only after definitive agreements are executed.

Risk Analysis

Summary:

Although the announcement is strategically positive, the engagement is currently at the Letter of Intent stage and is subject to execution of definitive agreements.

Key Risks:

LOI is non-binding.
Final project value remains undisclosed.
Purchase Orders are yet to be issued.
Commercial negotiations may alter project scope or timelines.
Revenue recognition will commence only after contract execution.

Worst Case:

If definitive agreements are not executed, the proposed engagement may not materialize into a revenue-generating contract.

Risk Level: Medium

Company Commentary

IVIS International has received a Letter of Intent from Manappuram Finance Limited.
The proposed deployment covers approximately 1,000+ branches.
The project includes AI-powered Command & Control Centre e-surveillance services, installation, monitoring, and maintenance.
The company stated that the LOI is non-binding.
Final project scope, commercial terms, timelines, and contract value will be finalized only upon execution of definitive agreements and issuance of purchase orders.

Official Exchange Filing: Magellanic Cloud Limited

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