According to the policy which was updated last year, foreign companies in the field of geospatial solutions can obtain this data from the local servers of Indian companies, but do not own the data if they require an accuracy lower than a meter.
ET reported last year that
Kumar had started to acquire stakes of the parent company to comply with the policy, which was notified in February 2021.
“I now own 51% of the shares of ESRI India. This qualifies us to be an Indian company, according to the definition of DPIIT (Industry Promotion and Domestic Trade Directorate). Thus, ESRI India will now be able to get a process to serve geospatial data of any precision resolution,” Kumar said.
The company does not plan to hit public markets in the immediate future, he added.
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ESRI serves a wide variety of government, public sector, and enterprise customers for mapping and geocoding solutions. ESRI India handles over 5,000 government projects representing over 70% of its revenue base.
In anticipation of the completion of the stake transfer, the company has also acquired global customers like Here Technologies,