New Delhi, Aug 27 (IANS) Q-Free, Norway's leading supplier of electronic toll collection (ETC) systems, is planning to enter India's expanding toll automation market by investing about $2 million.
'Right now we are focussing on the Indian highways and we are in talks with the National Highways Authority of India (NHAI) to set up our ETC systems on Indian highways,' Oddvar Solemsli, director, sales and marketing of Q-Free, told IANS.
The $100 million company has been actively taking interest in India's toll automation market since 2005. In Asia it has established offices in Malaysia (1997) and China (1998).
'The Chinese market has been very cautious in implementing our systems. The business is yet to take off there whereas in India we find it is ready with the technology; we are just waiting for the NHAI's nod,' Solemsli added.
NHAI has opened tenders for various domestic and international players setting up ETCs in the country's major highways including the Golden Quadrilateral.
He stressed: 'The response from NHAI so far has been very positive. We are actively targeting this potential and in September we plan to conduct live demonstrations of our ETCs for NHAI.'
Q-Free has been in the toll automation market for about a decade and in the financial year 2004-05 the company has seen 30 percent increase in its net profit.
Q-Free's electronic payment device, a new product launched by the company in 2006, was used during the 2006 winter Olympic Games in Turin, Italy. Toll road operators there are now using it.
The director emphasised: 'Just as we made a major difference in Italy during the Olympics, the same we plan to do in India during the commonwealth games.'