Mindteck (India) Ltd Share Price

History of Mindteck (India) Ltd

Mindteck (India) Ltd, previously known as Hinditron was incorporated in 1991,and is been engaged in the development of Computer Software, process control, instrumentation and communication fields in India. Hinditron has been instrumental in introducing companies like Digital Equipment, Textronix and Novellus in India. Its name was change to Mindteck consequent to the acquisition of the company by Embtech Holdings, Mauritius, a subsidiary of TAIB Bank EC, Bahrain. Mindteck has built up considerable expertise in E-commerce and Embedded Systems that is clearly backed by a formidable track record of successes. They are the global engineering and technology solutions company devoted to delivering knowledge that help clients compete, innovate and propel forward along the digital continuum. ... Mindteck global operations are supported by a team of more than 300 professionals in USA, UK, Japan, Singapore and India. It has three offshore development centers in India located at Bangalore, Calcutta and Mumbai. In 2001 the company has merged Nicco Infotech Limited with itself after the approvals of shareholders of both the companies. The Company was awarded ISO 9001 certificate by KPMG. The Company has made a rights issue in 2001 for Rs.12.50 crores at a premium of Rs.90/- per share. The company has completed the acquisition of Infotech Holdings Inc a company which is engaged in IT software consultancy and the company has become a subsidiary from July 2001. On October 2002, pursuant to a plan of merger,Mindtech's subsidiary Infotech Holdings Inc merged with its whollyowned subsidiary Mindtech Consulting Inc which is the operating company in USA. Mindtech Consulting Inc is the surviving entity of the merger. The Company's wholly owned subsidiary in the US, Mindteck Consulting Inc. acquired and merged into itself effective April 1, 2005, Mindteck (USA) Inc., a company wholly owned by Business Holdings Ltd., an intermediary holding company. Subsequently, the merged entity was renamed as Mindteck USA Inc.(MUI). On July 12, 2005 the Company acquired 100% of the equity of Mindteck Middle-East Ltd. SoC, (MME), a Company wholly owned by Business Holdings Ltd. On December 22,2005, the Company incorporated a wholly owned subsidiary in Malaysia, Mindteck Software Malaysia SDN BHD. It also incorporated a new wholly owned subsidiary, Mindteck BPO Services Pvt. Ltd. with an initial paid up capital of Rs. 0.50 million. Mindteck BPO Services Private Limited was incorporated on February 21, 2006. The Company acquired new service lines through its acquisitions in the US and expanded its service offerings and became a full scale IT & Engineering service provider. The new expanded service portfolio includes Business Applications Consulting, Embedded Systems, SAP Enterprise Consulting, and Security, Infrastructure and Managed Services during the year 2007-08. The Company acquired ICI Tech Holdings Inc./lnfotech Consulting Inc. as its wholly owned subsidiaries on 1st February 2008. In 2008, it had set up two state-of-the-art Instrument Labs in its Bangalore and Kolkata development centers. Effective October 01, 2008, the Company's three US operating subsidiaries - Mindteck USA Inc., Infotech Consulting Inc. and Primetech Holdings Inc. merged together and the surviving entity was renamed as Mindteck Inc. Effective March 31, 2009, ICI Tech Holdings Inc., an intermediate holding company, got merged into its operating subsidiary, Mindteck inc, and became the Company's sole subsidiary in the US. The Company acquired a renewable energy system integrator client that develops utility-scale Concentrated Solar Power (CSP) projects and develop the entire Wireless Field Communication Subsystem (WFCS) controlling the field deployed heliostats in 2013. The Company in 2014 launched two innovative systems: Ignite Energy Management System which transforms office buildings, into energy efficient smart buildings, and ProdXL, an Enterprise Productivity Improvement Solution designed to provide quantitative feedback to drive employee behavior towards organization productivity improvement. In 2015, the Company launched a global web-based online performance management system. It commenced a new project on KIOSK development for an existing OEM customer, entailing complete product development with hardware architecture and design; commenced a project for a communication board onan ECG machine for a medical device OEM customer in India. It provided SharePoint-based enterprise solutions for a major Indian bank. It developed a performance management tool for the same bank. In 2016, it launched a Smart Parking Solution - a robust, reliable and cost-effective end-to-end solution for car parking occupancy detection and management. It used field mounted Wi-Fi IP-based cameras for both indoor and outdoor parking. MindFest, an intrapreneurship program to foster innovation was hosted globally during 2017-18. During 2020-21, Mindteck enhanced its IoT solutions portfolio with the development of an IoT Framework comprised of: Edge devices for monitoring and control; Low-Power Wide-Area Network (LPWAN) for sensor and actuator connectivity; Solution deployment on the cloud and on-premises; Web and mobile applications; Addition of computer vision with AI and ML capabilities, as well as data analytics. During 2023, the Company completed projects for a public sector undertakings (PSU) involving the development of multiple web applications and the design of a control mechanism for doors.