The company has already been paid Rs 42.5 crore, said a government resolution (GR) issued here.
"The Commissioner of Police, Pune, will be the controlling officer for disbursal of funds," the GR said, adding the state government had hired the firm to implement the Rs 225 crore project.
Earlier this month, the state government had decided to pay Rs 22.96 lakh to Price Waterhouse Coopers (PWC) as consultation fee for the Mumbai CCTV project for a four-month period.
However, the project got delayed for over two years allegedly due to bickering within the Congress-Nationalist Congress Party alliance.
A team of Mumbai Police officials had gone to New Delhi and Haryana to study similar CCTV projects there.
The government had launched the first phase of the project in November last year covering south Mumbai -- from Colaba to Worli -- where 1,381 cameras have been installed.