KLG Systel denies signing outsourcing deal with discoms

With reference to the news item appearing in leading financial daily titled "KLG systel in novel pact with discoms", KLG Systel Ltd has clarified to BSE that the Company denies having signed an outsourcing deal which will yield Rs 4500 Crores in 10 years.

However the Company is providing IT and Outsourcing to various State Electricity Boards such as Punjab, Rajasthan, UP, HP, Uttranchal. In this context the Company has informed that discussion is going on for implementation of SG 61 / Vidushi technology with various power distribution companies through Bijli Suvidha Kendras concept mooted by the Govt of India. Complete technology for which is already developed by the Company. The Company informed immediately on signing of any such deal.

The statement appearing in news as quote from Mr Kumud Goel, Managing Director same is reproduced here. These remarks have been made in the IT in Power Conference held in New Delhi last week where the Company, SPL, IBM, ABB, CMC, SAP were Sponsors’ and is not a price sensitive statement.

"With the experience of Accelerated Power Development Reform Programme (APDRP), the government has realized that the outsourcing of these services on a turnkey basis is necessary to reduce aggregate technical and commercial losses,"

Source : Equity Bulls

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