Nelco Announces Strategic Partnership with Elveo to bring Next Generation Direct-to-Device and IoT Connectivity to South Asian Markets

Nelco Limited (Nelco), a Tata Group company and one of India's leading satellite communication service providers, today announced a strategic partnership and investment in Lunar Holdco., Inc., doing business as Elveo Mobile (Elveo), a company that delivers global Direct-to-Device (D2D) satellite mobile connectivity solutions and elevated intelligence.

Under the agreement, Nelco will bring reliable, next-generation connectivity and compute solutions directly from Elveo's satellites in space to varied sectors, including automotive, maritime, energy and government in India and South Asian markets.

Nelco will work with enterprises in all segments to integrate the powerful Elveo connectivity solutions across its various platforms. With real-time connectivity and compute capabilities, Nelco and Elveo will enable universal communications and close the coverage gap for wide ranging enterprise-grade solutions, including automotive telematics, fleet and asset tracking, infrastructure monitoring remote operations, disaster response and business continuity.

"D2D is the next growth wave for the Satcom market globally and Nelco is embarking on it. Elveo's advanced network design opens up seamless coverage and new market opportunities for us in India, as well as South Asian countries and worldwide for some of the enterprise segments," said P J Nath, Managing Director and CEO of Nelco. "We're particularly impressed by Elveo's satellite technology including its advanced on-board processing designed to adapt, iterate and scale with evolving customer needs."

"Nelco is further demonstrating its commitment to innovation by adopting next-generation capabilities like D2D and IoT connectivity for its customers' emerging requirements. This collaboration also expands our reliable, adaptable and intelligent communications solution into new enterprise markets including automotive, telecom, infrastructure and other mission-critical sectors," said Ramu Potarazu, CEO of Elveo. "We look forward to not only serving the Indian market through Nelco but also partnering with the broader Tata Group companies across the globe."

"We're delighted to welcome Nelco to the Elveo partner ecosystem," said Adel Al-Saleh, Chief Executive Officer, SES and a strategic investor in Elveo. "We look forward to the next phase of global connectivity this partnership will enable."

Shares of NELCO Limited was last trading in BSE at Rs. 1081.60 as compared to the previous close of Rs. 1026.45. The total number of shares traded during the day was 72608 in over 2605 trades.

The stock hit an intraday high of Rs. 1120.60 and intraday low of 1021.70. The net turnover during the day was Rs. 78943323.00.

Source : Equity Bulls

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NELCO INE045B01015 StrategicPartnership Elveo