The Hindu : Diebold takes stake in Indian arm

Online edition of India's National Newspaper
Thursday, May 08, 2003

Business

Business

Diebold takes stake in Indian arm

NEW DELHI MAY 7. The NYSE-listed Diebold today announced acquisition of 50 per cent stake in its Indian arm Diebold HMA Pvt. Ltd. from HMA Data Systems Pvt. Ltd.

After the acquisition, the joint venture sales and service organisation, Diebold HMA Pvt. Ltd., which is headquartered in Chennai, would become 100 per cent subsidiary and rechristened as Diebold.

The integrated self-service delivery systems provider also said it had secured orders from major Indian banks including UTI Bank and Punjab National Bank for the supply of more than 1700 ATMs in the first quarter of current fiscal.

"This acquisition sends a clear message that Diebold remains committed to pursuing opportunities that will advance the expansion of our international business in a market with exceptional growth potential,'' Dieblod President (international operations), Michael Hillock, told reporters here.

While HMA Data Systems would continue to focus on its core expertise of providing software solutions, Diebold would concentrate on providing total solutions.

Diebold, which plans to infuse additional resources in its Indian operations post acquisition, was also planning to open a call centre in India to cater to its services around the globe by 2006. The call centre would have the capacity of more than 700 seats, he said. — PTI

Our Chennai Staff Reporter adds:

Diebold is planning to develop the Indian operations. Its production unit in Goa manufactures ATMs and cash dispensers. In Janurary 2003 the first ATM came off the assembly line and hundreds of machines continue to be made. Diebold had also secured a major order for advanced function automated teller machines from Punjab National Bank, which had signed with Diebold to supply ATMs for its onsite and offsite ATM centres for 2003. The bank intended to increase its ATM network from 250 to at least 1,000 by March 2004.

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