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Bartronics India raises US$ 50mn FCCB
Bartronics India Limited is India’s largest provider of Automatic Identification and Data Capture (AIDC) and RFID solutions with a market share of 60% and 95% respectively. Bartronics is the only company in India and among a handful in the world offering end-to-end AIDC solutions from consulting and designing of system architecture to procurement of equipment and after sales services. It has the highest client base of over 1,600 customers including Unilever, Mercedes, IBM, Ranbaxy, and Pantaloon.
Last month the company commissioned an over US$ 100 million smart card manufacturing plant. With the capacity of over 80 million cards, it is the first and only such facility in India and the largest in the South East Asian region. Almost the entire smart card capacity of the company for the next two years is booked.
Bartronics is also participating in the pilot project for National ID Programme. It is also undertaking the pilot project for smart ATM cum debit card for some Indian Banks. In addition, it has begun supplying smart driving licenses to some of the State Governments.
Bartronics is leveraging its domestic strength to expand into South East Asian and US markets. Its wholly owned subsidiaries at Singapore and in the US are actively looking at acquisitions for fuelling their aggressive growth plans. The FCCB funds will be used to fund the US and South East Asian operations and acquisitions.
In March 2007, Bartronics had revenues of US$ 16.11 million and EBITDA of US$ 4.45 million.
Mr. Sudhir Rao, Managing Director of Bartronics India Limited said: “This issuance is a confirmation and affirmation of our business model, excellent potential and superlative growth trajectory. We are delighted that global investors have appreciated the enormous potential and superlative growth trajectory of our company.”
Mr. Sanjay Guglani, Managing Director of Silverdale Services Limited said: “We at Silverdale are overwhelmed by strong investor response. We are delighted to be associated with the issuance as the sole Lead Mana