The duo have separately designed innovative machines and plan to set up their units in Gujarat.
While 24-year-old Dhaval Kotecha plans to set up a Rs 1 crore (Rs 10 million) unit, Jatin Bariya's unit is estimated at Rs 50 lakh. Both the projects are likely to be funded by the Gujarat Venture Fund.
Dhaval has roped in two other members in his team and has planned to sell around 350 Radio Frequency Identification units across the country by March 2007.
"From the beginning I hit upon this idea to start a company producing RFID units," said Kotecha.
"We have designed three different devices with software ranging from 15 cm to 60 cm at a cost between Rs 12,000 to 50,000, excluding tags of Rs 25 to 30 each," said Kotecha.
Further, he said his team would initially focus on four segments - library, campus management, asset tacking in health care and a few state government projects.
Kotecha said his products would reduce manpower and paper work based on radio frequencies. "In a library, manpower is required to trace each and every book and keep the record of each and every member.
Here, RFID unit will automatically record the entry of book as well as the member on the basis of tags," said Kotecha. He added that his company would be the first Gujarat-based RFID solution provider.
The unit will be set up in Ahmedabad the opening of which is scheduled for April 30. "We are at an initial stage and by next year our strength will rise to over 25 employees," said Kotecha.
The name of the company would be Rapid Radio Solutions and he will be the managing director of the company. However, Kotecha expects the prices of tags to fall to Rs 10 very soon.
"As the technology is very new, the cost currently is very high and by a couple of years it is expected to fall by 50 to 60 per cent," he said.
Similarly, Jatin Bariya has designed a machine, which will automatically manufacture jewellery made out of gold or silver.
"This machine reduces the time of manufacturing a jewellery made by labours. Comparatively, this single machine's output is equivalent to the output of the 30 labour work for 12 hours," said Bariya.
"Currently the machine will manufacture gold or silver jewellery for which the melting parameters are set. Very soon even copper and other metals will be used in the machine for jewellery designing," said Bariya.
He added that the cost of the machine is between Rs 1.5 lakh and rupee two lakh. Bariya plans to establish his firm of around Rs 50 lakh in city by August.
