In an attempt to put to rest the allegations and controversies related to the implementation of artificial intelligence-powered (AI) camera surveillance system, SRIT India Private Ltd., the Bengaluru-based implementing company, released all the documents related to the project and explained various cost components involved on Wednesday. The company has also filed a defamation suit against former and current Opposition leaders and two media houses on charges of holding “scandalous and false campaigns” against the firm.
SRIT received the contract by quoting the lowest project amount in competitive bidding. As the project was modelled on BOOT/annuity model, 100% of the funding was invested by the company. Though the project was completed in March 2022, it was inaugurated in April 2023 after necessary verifications and certifications by a team of technical experts appointed by the government, said company officials.
As per the agreement, the company paid a security deposit of ₹6 crore to Keltron and GST of ₹23 crore to the government, taking the total investment to over ₹100 crore. Further, the interest for the investment for the implementation and maintenance period of the project is estimated at ₹44 crore. Taking all other costs into account, SRIT’s estimated profit margin is below 10%, said the officials.
As the project is in annuity model, the entire amount required was paid upfront by the company, which will be repaid by the government in 20 equal instalments over five years on annuity basis after the project goes live, they said.
In the case of controversies related to other companies with whom SRIT entered into an agreement, they said that after receiving a letter of intent from Keltron for the project, two companies – Presidio and Al Hind – had approached them.
They expressed their interest in working on the project and signed an agreement. However, within a short period of time, Al Hind backed out due to technical reasons of their own. It was later replaced by the company Light Master. They could also not arrange funds required for the project. So, the contract was cancelled. Later, SRIT arranged funds from its project funding partner, E-Centric Digital Limited, and executed the project, said the officials.
Given the similar projects in recent times, the project cost quoted in Kerala was too economical, said SRIT chairman and managing director Madhu Nambiar.
In 2013, 100 camera systems, not AI-enabled, were installed in Kerala at a cost of ₹40 crore, while the Maharashtra State Development Corporation (MSRDC) has now decided to install 250 high-end cameras on the Pune-Mumbai Expressway at a cost of ₹120 crore. Considering the cost of these projects, the amount quoted for 726 AI-powered cameras in Kerala was not an exorbitant price, he said.
Further, considering the risk involved in investing in Kerala, the company has decided not to take part in any projects in the State, he added.
