G4S India, part of Denmark-based security solutions provider Group 4 Securicor, has acquired the project security systems division of Eureka Forbes Ltd for an undisclosed sum. The acquisition will help the company double its security systems business in India.
Eureka Forbes offers a range of customised security equipments for homes, institutions and corporates under the brand name Eurovigil. The products include intrusion detection, access control and surveillance & fire detection systems.
Further, G4S and Eureka Forbes have entered into 50:50 joint venture for monitoring home alarm systems in India, said a joint company press release. They believe that the JV will help them reach out to more customers as well as to provide better customer services.
Rupal Sinha, regional managing director, G4S, said, the acquisition and strategic partnership will further strengthen the company position in offering sustainable security solutions in the Indian market.
G4S currently has over 140,000 employees in India. It also has presence in 110 countries globally with employee strength of 585,000 people. Its global turnover was $5.9 billion as of December 31, 2008.
This security business is seeing some interest from the private equity quarter. Earlier, Topsgroup, a Mumbai-based firm, has raised PE money from ICICI Venture, Indivision, the investment arm of the Future Group, and Rakesh Jhunjhunwala. The private security market in India is growing at 25% every year and is said to be worth Rs 10,000 crore.