Comments
Hitachi Terminal Solutions India Pvt Ltd has set up a 1,08,000 sq ft ATMs or cash recycling machine (CRM) manufacturing facility in Bengaluru. The latest capacity addition will enable the company to triple its current monthly production capacity of producing 1000 CRMs. Although similar to ATMs, CRMs allow users to deposit cash in addition to all the other facilities that of the ATMs, said the company.
In India, the company claims to have a large customer base across national banks, state banks, private banks, and co-operatives with names like SBI, Axis Bank, and others. Additionally, with the facility, it is also looking to expand its exports of these machines. At present, it exports to markets such as South Africa and Bangladesh.
“Yoshihiro Nakatani, Managing Director, of Hitachi Terminal Solutions India Private Limited, said, “Our estimate indicates that more than 1.1 million cash recycling machines will have the capacity to be installed globally by 2024. Owning to this, we have built this facility, with the aim of offering secure CRMs to our customers.”
The company is also looking to expand its workforce by hiring 400 people. “We will hire 400 people by April of FY24 and are mostly looking to hire people for the shop floor level of the new facility,” said C Sivaramane, Plant Director, Hitachi Terminal Solutions. Currently, the company has a headcount of more than 250 people in India.
Demand for ATMs
Rustom Irani, Managing Director, Hitachi Payment Services said despite the growing number of online transactions, the demand for these machines is significant.
“Sure, the number of online transactions has gone up, but so have the cash transactions, and that is because we are a cash-incentivised and a growing nation. And as the economy continues to grow, the amount of cash in circulation will also increase. In fact, we have deployed more than 8,400 white-label ATMs across the country, and before demonetisation, there were just about 3000–4000,” he noted.
According to Bharat Kaushal, Managing Director, Hitachi India,“India continues to remain the melting pot of innovation and growth in Asia. Our presence in India, through around 28 group companies, has registered progressive growth in the past and continues to do so in a more robust manner. Hitachi, through its varied business presence, has multiple manufacturing facilities across the length and breadth of the country, covering energy, automotive, urban mobility, including railways, industrial UPS, and more.”
Hitachi Terminal Solutions India said due to factors such as greater connectivity to major highways and airports and a skilled talent pool, the factory has been strategically located in Bengaluru.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.