Smart Card IT Solutions, a leading maker of debit, credit and smart cards, has announced plans to invest ₹200 crore during this year to double manufacturing capacity and to set up card ‘personalisation bureaus’ at multiple locations as Government fuels a move toward digitisation.
The company currently manufacturers 1.2 million smart cards daily at its manufacturing units in Pune.
“We foresee that the use of smart cards will grow in many-fold,” Deven Mehta, Chairman and Managing Director, Smart Card IT Solutions said. “To cater to that, we will be investing ₹200 crore this year. The investment will increase our existing manufacturing capacity by 100%. And we have also decided to set up four personalisation bureaus at different locations in India, which will require investment.”
He said the company would fund the expansion through internal accruals and fresh equity infusion by the promoters.
So far the company has invested ₹250 crore in setting up manufacturing facilities in India.
Following the Digital India drive, the company is eyeing orders from the Government which has announced its intention to issue 30 million Kisan Credit Cards for farmers.
The Government has also announced to issue smart Aadhar cards with chips to an estimated 18 crore senior citizens India.
Of its current capacity of 1.2 million cards per day, 800,000 cards are sim cards which go telecom operators, 350,000 cards are banking cards and about 100,000 cards are Government ID cards which include driving licenses, registration certificates, vehicle registration certificate and health cards.
The company’s planned ‘personalization bureaus’ will help in supplying cards as per the individual requirement of clients in a more secured environment. Cards will be manufactured elsewhere, but will undergo personalisation including insertion of chips inside the cards at these bureaus.
Apart from catering to the requirement of the domestic market, the company plans to become a global supplier of smart cards as well. It is setting up an office in Dubai. “We want to enter into the markets of Africa, Sri Lanka and Saudi Arabia. But the cards will made be in India,” Mr. Mehta said.