BENGALURU: Defence PSU Bharat Electronics Limited (BEL) and Hyperion Global Group, an infrastructure telecommunication distribution company, have entered into a contract to develop, manufacture and supply Internet of Things (IoT) devices for the US market.
As per the contract, BEL will manufacture and supply IoT devices worth US $73 million to Hyperion, based in the US, during the first year of commencement of supply, with a provision to negotiate and supply upgrades of the products, worth US $365 million, in the next five years, said a statement issued by BEL.
The contract was signed on January 21, by BEL’s New York Regional Office and Hyperion in the presence of M V Rajasekhar, Director R&D, BEL, Nick Studebaker, CEO, Hyperion Group and Prabha Goyal, GM (BEL-Panchkula). Rajasekhar stated that they are hoping to supply lakhs of IoT devices to Hyperion in the next five years.
“BEL is looking forward to expanding its global footprint and the contract with Hyperion is another major step in that direction. Our Central Research Laboratory will be actively working on this project and our New York Regional Office, which is handling our marketing activities in the US, will be closely interacting with Hyperion for timely execution of the contract,” stated Anandi Ramalingam, Chairman & Managing Director, BEL.