Eraaya Lifespaces has officially informed exchanges that its subsidiary, Ebix Cash Limited, has secured a significant contract with Punjab National Bank (PNB), one of India’s leading public sector banks. This new contract is a major win for the company and is valued at approximately Rs 138.75 crores. It extends for a duration of three years, solidifying Ebix Cash’s long-standing relationship with PNB, which began in 2021 when Ebix first took on the responsibility of managing the bank’s enterprise-wide network across India.
Scope of the Contract
According to the details provided in an exchange filing, the newly awarded contract is for Network Integrating Services, and it includes a comprehensive range of services aimed at managing and enhancing PNB’s vast network infrastructure. The contract covers the following critical components of PNB’s operations:
PNB’s Extensive Network: Ebix Cash will oversee the entire network that spans across 10,800 branches, 5,000 ATMs, and an additional 4,000 branches of PNB-sponsored Regional Rural Banks (RRBs).
Advanced IT Infrastructure: As part of the contract, Ebix Cash will be responsible for managing crucial data infrastructure, including the state-of-the-art Data Centre in Delhi, which serves as the nerve center for PNB’s IT operations. Additionally, the contract includes oversight of the Advanced Network Operations Centre, which is integral to monitoring and ensuring the smooth functioning of PNB’s network, as well as the Disaster Recovery Centre in Mumbai, which safeguards the bank’s data and services in the event of a disruption.
Zonal and Circle Offices: The scope of work extends to managing network operations at 13 zonal offices and 131 circle offices of PNB across India, ensuring that the bank’s vast network remains resilient, efficient, and secure.
Expanding the Partnership
This contract represents an extension and expansion of the partnership between Ebix Cash and PNB. Since 2021, Ebix has played a pivotal role in managing PNB’s enterprise-wide network, supporting the bank in its efforts to remain at the forefront of digital banking and IT services in India. The renewed contract reaffirms PNB’s confidence in Ebix Cash’s capabilities and expertise in handling complex, large-scale network services.
Fundraising for Future Growth
In addition to the announcement of this contract, Eraaya Lifespaces has revealed plans to bolster its financial position. The company’s board has recently approved the raising of up to Rs 1,028.7 crores through a preferential issue of securities. This infusion of capital is aimed at strengthening Eraaya Lifespaces’ long-term financial resources, enabling the company to pursue further growth opportunities and continue delivering value to its stakeholders.
The company has emphasized that the funds raised will be used to augment its financial reserves, ensuring that it has the necessary capital to support its operations and future projects. This move comes at a time when Eraaya Lifespaces is expanding its footprint in key sectors, and the additional capital will allow it to further consolidate its market position.
Conclusion
The new contract with Punjab National Bank marks a significant milestone for Eraaya Lifespaces and its subsidiary, Ebix Cash Limited. By securing this three-year, Rs 138.75 crore contract, Ebix Cash is set to play a critical role in managing and maintaining the bank’s extensive network, ensuring that PNB remains well-equipped to meet the growing demands of its customers. Additionally, the fundraising initiative underscores Eraaya Lifespaces’ commitment to long-term growth and stability, positioning the company for continued success in the future.
