Transmatic Systems Limited (TSL) has struck a deal with Omani giant Teejan Group for setting up a joint venture company. TSL chairman MR Narayanan said a memorandum of understanding (MoU) was signed recently and the first work order for the new joint venture company would be signed with the Oman Investment and Finance Company (OIFC) by the end of this month.

"OIFC is the agency in Oman which collects the entire payments of all public utilities. We would be supplying the software as well as the hardware for this," Narayanan told IANS. The total cost of the project is expected to be in the range of Rs 2.5 crore, he said. He said Oman would be the first stop for their expansion plans. "We are now moving out to the UAE, Bahrain, Saudi Arabia and Qatar. We are expecting orders from these countries also. Teejan, which has a large network of offices in the Middle East, would help us identify customers. TSL has set aside almost Rs 1 crore for expanding operations in the Middle East," said Narayanan.

TSL, which began as a company engaged in the manufacture of electronic cash registers and telex systems, has now has expanded its domain by successfully entering into the field of embedded systems, financial messaging, banking solutions and the medical information systems.

The company closed the last financial year 1999-2000 with a total turnover of Rs 14 crore is now in the process of consolidating its software operations. TSL has already opened up its international operations in Britain and Germany.

"These offices would be dealing more in the development of medical software. We are now almost finalizing a software called Whisperlight for the World Health Organization. This would be used in 56 countries," he said.