Thiruvananthapuram: Bengaluru-based SRIT India Pvt Ltd, which was outsourced the controversial Rs 232 crore AI camera deal by state PSU Keltron, has admitted that Presadio, a partner in the road camera project, was introduced to it by the Trois Infotech MD T Jitesh.
“The then Executive Director of SRIT Jitesh established the link to Presadio when the contract for the KFON project was awarded,” SRIT CEO Madhu Nambiar said.
The disclosure confirms that Prasadio and Trois, who are active participants in the camera project, had close links when the camera deal was further outsourced by SRIT.
Manorama had reported that both companies were formed in the same year at the address at Puthiyara, Kozhikode, and were related. SRIT's explanation makes it clear that from the beginning of the camera project itself, Prasadio had made moves with the aim of reaping a big profit.
Presadio was originally a partner in the KFON project. But it asked SRIT to add its name to the contract with Keltron. As per this, Presadio and Alhind, which was brought in by it, were added as sub-contractors. Later, they demanded that apart from civil works, they should be given the responsibility to purchase equipment. A consortium was also formed in such a way that Presadio would get 60% of the project's profits. Accordingly, SRIT gave them a purchase order worth Rs 76 crore.
The project in loss: SRIT
The SRIT company that took the road camera project on contract expecting a profit of Rs 13 crore claims that it’s suffering loss. The CEO of the company Madhu Nambiar and Director PC Martin said the company would not undertake any project in Kerala.
The contract was worth Rs 151 crore, including Rs 23 crore GST. A sum of Rs 100 crore has been spent. The investment of Rs six crore will be reimbursed later. A total of Rs 44 crore comes as bank interest for five years. In this way, the total cost of the project will come to Rs 138 crore. The expected profit was Rs 13 crore.
However, due to the nearly one-year delay of the project, the bank interest accrued to an additional Rs 12 crore. Now the project is at a loss. SRIT will not lose the Rs 9.07 crore due to it for undertaking survey, design and project supervision, etc as it is included in the project cost.
Legal action initiated
Meanwhile, the top SRIT officials said they have sent legal notices to Opposition leader V D Satheesan, senior Congress leader Ramesh Chennithala and the media who have levelled allegations against it.
No sub-contract
The road camera project taken on contract from Keltron through tender has not been subcontracted to anyone and some partners have only been found to implement it as a joint venture, SRIT CEO Madhu Nambiar said. But the agreement signed by SRIT with Keltron on October 1, 2020, reads as follows: “Kozhikode-based Alhind Group will be the main subcontractor. Presadio Technologies, headquartered in Kozhikode, will be with them.” Though Alhind withdrew, the contract was not amended.
The State Government initially entrusted the Rs 232 crore project to detect traffic violations across the state to state PSU Keltron, which, however, outsourced the work to SRIT India for Rs 165 crore. The SRIT, on its part, again subcontracted the project to a consortium of companies that included Presadio Technologies.
