Smart City: ZTEsoft to invest Rs 500 crore, launch smart cards

NEW DELHI: ZTEsoft, a subsidiary of ZTE Corp, has offered to invest Rs 500 crore in the Indian government's smart cities project, which aims to establish 100 such enclaves with an outlay of Rs 48,000 crore over the next five years. The Ninjang, China-headquartered company, which sells operations and billing system solutions worldwide, will also launch transportation and smart card products in India this week during a two-day event.

"We are very positive about the Indian market," said Ben, ZTEsoft's chief executive officer of international operations, who goes by one name. "The government's outlook seems very positive about investments and they have shown great faith in Chinese counterparts."

The government's smart cities project got Cabinet approval last Wednesday and guidelines are expected next week. According to the plan, 20 cities will be selected this year, followed by 40 each in the next two years.

ZTEsoft said tit had developed a number of smart cities in China and neighboring countries. It will invest Rs 40 crore to set up a centre of excellence for projects related to smart cities and the Internet of Things (IoT).