Under the MoU, EIL and Detect Technologies will collaborate to provide real time artificial intelligence (AI) based monitoring for implementing safe practices and progress monitoring at construction sites for various projects being executed by EIL.
This MoU will facilitate implementation, operation and maintenance of an AI-based solution using cameras, drones, and cloud computing for maintaining safe work environment at site with an objective to avoid loss time accidents/injuries, and monitoring of project progress.
This collaboration aligns with EIL's commitment to creating the safest possible environment for personnel at work sites by strictly adhering to the highest regulatory standards. This commitment ensures zero tolerance for safety and occupational hazards across various projects, thereby contributing to the social, economic, and holistic growth of society and the country at large.
Vartika Shukla, CMD, EIL, said: "This MoU underscores EIL's commitment to ensuring the utmost safety standards across projects. By leveraging cutting-edge digital technologies, we aim to enhance safety, mitigate risks, and drive sustainable development in our operations."
Engineers India (EIL) is an engineering consultancy and technology licensing company in the fields of hydrocarbons, petrochemicals, fertilizers, metallurgy, ports & terminals, and other sectors of industry, having a DSIR-recognized R&D center. As of 31 December 2023, the Government of India held a 51.32% stake in the company.
The company reported a consolidated net profit of Rs 63.35 crore in Q3 FY24 as against Rs 16.12 crore posted in Q3 FY23. Revenue from operation stood at Rs 867.64 crore in the December quarter, up 3.02% from Rs 842.18 crore recorded in Q3 FY23.
The scrip fell 2.77% to currently trade at Rs 212.30 on the BSE.