Mumbai, May 18: Korea-based Nautilus Hyosung Inc is contemplating to set up an assembly plant in India for its automated teller machines (ATMs) and expects to garner a 10 per cent market share over the next two years.
"We have launched our products in India and are currently looking out for a location to set up an assembly unit here", Nautilus Hyosung general manager overseas sales team BK Yoo told here today after the company launched its "Nanocash 3000" ATM machine.
The company is exploring all possibilities, including a joint venture initiative for the assembly unit, he said declining to comment on the investment strategy.
City-based Touch Info Pvt Ltd (TIPL) is the sole distributor of the Korean company's products in India, Middle East and Sri Lanka.
TIPL chairman and managing director Suresh Menon said "we will shortly also consider acquiring the manufacturing rights for these machines".
"We will be installing 30 ATMs across metros, including Mumbai, Delhi and Chennai, as part of the pilot project with six banks", he said but declined to divulge names of these banking entities.
He said TIPL is also in discussions with reliance web world outlets, shopping malls, STD booth vendors to install these machines, which would cost around Rs five lakh per unit.
"We expect to deploy around 300-500 ATMs in the first 12 months of our distribution tie-up with the Korean company", he added.
Bureau Report