Security product manufacturer Micro Technologies India today said it has entered into a deal with PetroNET for selling its gadgets in Israel.

The company has signed an agreement with Israel-based PetroNET and targets to achieve business worth $5 million (about Rs 23 crore) within the next two years, Micro Technologies said in a statement to the Bombay Stock Exchange (BSE).

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"This association will strategically operate in Israeli market and will soon open more avenues and good business prospects in a newer market," Micro Technologies added.

Shares of Micro Technologies were trading at Rs 148, up 0.34 per cent in the afternoon trade on the BSE.

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