Following this memorandum, Hikvision Digital Technology and Dhakan will sign joint venture agreement, and the Joint Venture will be officially effective by the beginning of 2009 after legal procedures. Prama Technologies will then be terminated after that. This Joint Venture will represent Hikvision in Indian market, and solely target to provide better pre- and post-sales support, as well as to collaborate with local distributors and partners. This action not only shows Hikvision's determination to further cultivate Indian security market, but also to enable the customers to buy Hikvision's product locally and get access to technical support promptly.

"This is Hikvision's first overseas joint venture," said Andy Shen, Hikvision's India regional sales manager. "The joint effort will definitely help us satisfy the customers' needs and further penetrate into security surveillance market in India."

Ashish Dhakan said: "We believe this joint venture company will facilitate Hikvision to serve the current and future customers all across India -- especially in providing better local sales and technical support."

"Not only will this joint venture help us better serve our customers and expand the business in India, it will also benefit us to consolidate our leading position in CCTV security sector in this booming market," said Yangzhong Hu, president of Hikvison.