Mumbai, Dec 25 (IANS): Russian digital solutions provider Zyfra plans to reach the target of $50 million in India-related deals by 2021, the company said on Monday.

A statement said Zyfra has managed to reach $3 million in contracts with its Indian counterparts this year.

During 2018, the company has supplied Indian industrial manufacturers with artificial intelligence (AI) and Internet of Things (IoT)-based solutions as well as autonomous vehicles, it said.

"The company has already set agreement with Spudweb, Abcon Group and 10 more companies totally accounting for around $2.5 million in contracts," the statement added.

Commenting on the development, Zyfra MD Pavel Rastopshin said in a statement: "India is an important industrial hub. The need for digitalization is really high here as the country tends to solve various tasks, namely to increase production efficiency, cut costs, improve the quality of the final product and to save working places at the same time."

Earlier this year, Zyfra unveiled its manufacturing data collection (MDC) plus system in India.

"It is a real-time machine monitoring and with hundreds of customizable reports and charts that can be used to track jobs, parts, operations, work centres, scrap costs, downtime and people," it said.

Founded in 2017, Zyfra, which has an Indian arm, plans to sign contracts with Indian firms working in the machine-building, aircraft and steelmaking industries.