New Vernon Bharat Invests $10 Million In Facility Management Company Updater Services
New Vernon Bharat is investing $10 million for a minority stake in Updater Services (UDS), India’s largest facility management company. The Chennai-based company is growing at about 40-50 per cent a year and is expected to end this fiscal with a topline of Rs 65 crore ($14.5 million). It manages in excess of 35 million sq ft of space, primarily in IT and manufacturing sectors. It manages almost all of Infosys facilities, besides Embassy Golf Links (EGL) in Bangalore, the Tidel Park in Chennai and the Hitec City in Hyderabad among others.
It intends to utilise the capital now raised for acquiring other facility management companies in areas where it is not present. It will also bring under its acquisition radar those companies offering complementing services. Veda Corporate Advisors facilitated the deal. (Source: The Economic Times; Via TMCNet)
