News
Diebold acquires remaining stake in India joint venture
May 6, 2003
NORTH CANTON, Ohio -- Diebold, Incorporated (NYSE: DBD), will expand its presence in India by acquiring the remaining 50 percent equity of Diebold HMA Private Ltd., from HMA Data Systems Private Ltd., its former partner in the joint-venture sales and service organization.
After the acquisition, it will become a wholly owned Diebold subsidiary, headquartered in Chennai. The acquisition will include sales offices and 83 service locations throughout India.
Diebold had been negotiating with HMA Data Systems since late 2002 to buy the remaining stake in Diebold HMA. (See related story Diebold expands Indian presence with new subsidiary)
"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," said Gregory Geswein, Diebold's senior vice president and chief financial officer, in a news release.
While Diebold does not have a manufacturing facility in India, it has established a production unit in Goa in collaboration with Tata Infotec to manufacture ATMs from Diebold's product line. The first ATM came off the Goa assembly line in January, according to the release. (See related story Diebold signs ATM manufacturing pact with Tata Infotech)
Diebold said it has secured a "major order" from Punjab National Bank (PNB), which intends to increase its network from 250 ATMs to at least 1,000 ATMs by March 2004.
PNB will also use Diebold for a variety of ATM-related services, including installation, ATM cash replenishment, first- and second-line maintenance, ATM health monitoring and site maintenance.
Diebold also received orders totaling more than 900 ATMs from UTI Bank and other banks in 2003's first quarter, according to the release.
Among the orders are custom-designed ATMs for Punjab National Bank and UTI Bank that will allow customers to book season ticket passes for Western Railway. According to the release, the machines will run on Microsoft Windows-based operating systems and will utilize Diebold TCS Plus browser-based software.
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Diebold Nixdorf
As a global technology leader and innovative services provider, Diebold Nixdorf delivers the solutions that enable financial institutions to improve efficiencies, protect assets and better serve consumers.
