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.
