Paderborn, Germany, 2015-9-21 — /EPR Retail News/ — Wincor Nixdorf and AGS Transact Technologies Limited (AGS) have signed an agreement that includes the provision of a total of 40,000 cash dispensers from Wincor Nixdorf in India within the next two years. Furthermore, as part of their continuous efforts to offer banking technology products to Indian consumers, the companies have entered into a manufacturing cooperation agreement for producing cash dispensing machines locally in India.
Taking inspiration from the government’s “Make in India” scheme and in line with the financial inclusion activities in the country, an ATM tailored to the requirements of remote rural areas will be developed and will feature only important core functions. A sizeable part of the value-creation process will be migrated, with AGS taking over the most of production in India.
The locally manufactured machines, without compromising on technology and quality, will enable a stronger payments infrastructure in smaller towns and cities of India, thereby making both AGS and Wincor Nixdorf important contributors to the financial inclusion initiative launched by the Indian government in recent times. The manufacturing facility is currently being established in Daman (Union Territory of India) with a capacity of 30,000 units per year.
“The agreement concluded between our companies will help to strengthen our competitive position in the rapidly growing Indian market for ATMs. We have thus created a solid foundation for Wincor Nixdorf to operate at a more profitable level in India than in the past and further expand the good market position we have already created for ourselves,” said Eckard Heidloff, CEO & President of Wincor Nixdorf. Mr. Ravi B Goyal, Chairman and Managing Director of AGS Transact Technologies Limited, amends: “With the government of India laying special emphasis on making India a manufacturing hub and trying to include a large part of the Indian population in the formal financial system, this agreement concluded between our companies is well-timed.”
By the end of 2019, approximately 2.1 million ATMs are expected in the Asia Pacific region. Net growth in India is expected to be approximately 295,000 ATMs. Over the next four years, approximately 70% of ATMs shipped to the Asia Pacific region will go to China and India. By 2019, China and India will represent approximately two-thirds of Asia Pacific’s installed ATM base. (Source: Retail Banking Research (RBR), Global ATM Market and Forecasts to 2019, Asia Pacific).
About AGS Transact Technologies
AGS is one of India’s leading providers of a wide spectrum of payment solutions and technology products for the banking, retail and petroleum sectors. We provide customized products and solutions comprising ATMs and other automated payment products, related maintenance and managed services, cash management services and transaction switching services. With over 40,000 ATMs under management, our operations cover more than 700 cities and towns, reaching out to over 100,000 customer touch points across India. For more information visit: www.agsindia.com
AGS Transact Technologies Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its equity shares and has filed a Draft Red Herring Prospectus (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the website of the SEBI at www.sebi.gov.in and the respective websites of the Book Running Lead Managers at www.axiscapital.co.in, www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm, www.hdfcbank.com, www.icicisecurities.com and www.investmentbank.kotak.com. Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the Red Herring Prospectus which may be filed with the Registrar of Companies in future including the section titled “Risk Factors”. Potential investors should not rely on the Draft Red Herring Prospectus filed with the SEBI in making any investment decision.
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