Established facility in Bangalore with capital of INR100 crore
Will target 1,500 ATM units monthly by FY2016 end
Bangalore, March 17, 2016: Hitachi-Omron Terminal Solutions, Corp. (“Hitachi-Omron Terminal Solutions”) today announced that it established Hitachi Terminal Solutions India Private Limited (“Hitachi Terminal Solutions India”) in the Republic of India (Bangalore City) as an ATM manufacturing company, and will commence production in June 2016. The new company, which was set up with a capital of 1 billion INR, will produce 1,500 units of ATM per month at the end of FY 2016.
Aimed at strengthening the ATM business in India, Hitachi Terminal Solutions India will allow Hitachi-Omron Terminal Solutions to promptly accommodate the needs of the market, strengthen the cost competitiveness, shorten the production lead time from order entry to shipment and expand the business of Cash Recycling ATMs*1. Moreover, the operations of the manufacturing company will contribute to job creation and economic development in India. This initiative by Hitachi is aligned to the government’s ‘Make in India’ program.
*1 The Cash Recycling ATMs recycle the deposited cash inside the ATMs and enable the deposited cash to be dispensed in future transactions.
“Hitachi-Omron Terminal Solutions entered the cash recycling ATM market in India at an early stage and has been providing ATMs that are suited to India’s environment, considering the quality, condition and usage of the banknotes, and solutions corresponding to needs of operational efficiency of financial institutions and the deposits of users.” said Tetsuji Shimojo, Representative Director and President of Hitachi-Omron Terminal Solutions, “The total number of units that had been deployed by the Company exceeded 5,000 in 2015, allowing it to establish a position of a leading company in the cash recycling ATM industry. To further accelerate the expansion of its ATM business in India, we have decided on local production in India. With the newly established company, Hitachi-Omron Terminal Solutions will support the construction of India's financial infrastructure, and contribute to the job creation and economic development promoted by the ‘Make in India’ policy.”
India is one of Asia’s largest ATM markets on account of the country’s high economic growth rate of 7% and because it is the world’s second most populous country with a population of around 1.3 billion people. The Indian ATM market is expected to continue to expand in future. At present, there are about 200,000 ATMs and CDs (Cash Dispensing ATMs) operating in India. The Reserve Bank of India, which is the country’s central bank, is promoting a financial inclusion policy*2, and financial institutions are increasing their investment in facilities and services. Therefore further growth is expected in the ATM market in the future.
*2 A policy aimed at providing modern financial services to all the people of India.
Hitachi-Omron Terminal Solutions, which is globally developing the business of reliable and high-performance cash recycling ATMs based on the most advanced sensing and mechatronics technology, entered the India market on a full-scale basis in 2010 through sales of the cash recycling ATMs, and has realized India’s first ever cash recycling operation with ATM in the Indian state-owned major banks in 2014. The ATMs of Hitachi-Omron Terminal Solutions are used in many banks, including the major state-owned and private banks of India, and are the leader in terms of the market share of cash recycling ATMs. At present, there are more than 5,000 units operating.
Going forward, Hitachi-Omron Terminal Solutions will continue to provide cash recycling ATMs and high-value solutions for our customers, and will contribute to the realization of a safe, secure and comfortable society.
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