Business Daily from THE HINDU group of publications
Friday, Nov 30, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Nov 30, 2007 ePaper | Mobile/PDA Version |
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Mergers & Acquisitions Web Extras - Security Securitas AB picks up 49% stake in Walsons Our Bureau Kolkata, Nov. 29 The $8 billion Securitas AB of Sweden has gained a foothold in the rapidly growing Indian private security business by acquiring a 49 per cent stake in Walsons Pvt Ltd, for a consideration of Rs 67 crore. Mr Alf Goranssson, President and CEO of Securitas AB, in a statement issued here on Thursday, said, “The acquisition of 49 per cent of Walsons will give us a strong foothold in the fast growing Indian private security services market, and also the possibility to service our multinational clients in India in the best possible way.” ‘Historic event’The Indian security services market today is worth over Rs 1,800 crore and is expected to grow by at least 20 per cent annually over the next five years.
Describing the company’s new association with the Swedish giant as a historic event in the annals of Indian security sector, Mr Arjun Walia, Managing Director of Walsons Services, said, “Along with Securitas AB, we want to become the second largest security organisation in the country in the next few years, through both organic and inorganic growth.” Walsons Services, said to be India’s fourth largest security company with a workforce of over 6,500 people, has presence in nine regions in the country with high contract portfolios. Besides business houses, Walsons provides security to even VIPs, celebrities and high profile individuals. More Stories on : Mergers & Acquisitions | Security
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