Japan’s diversified consumer and business services provider Recruit Holdings Co Ltd is acquiring Mumbai-based NuGrid Consulting Pvt Ltd, one of the top local executive search firms, for an undisclosed amount, as per a company statement.
Post the acquisition, NuGrid will become a wholly owned subsidiary of Recruit and will be renamed as RGF Executive Search India Pvt Ltd.
NuGrid is owned by Suresh Ramarao and offers executive search services for department heads and senior management positions for a range of industries including manufacturing, healthcare, IT, infrastructure and real estate.
The firm operates through its three verticals – NuGrid, Stanton Chase, which operates as an Indian affiliate of the London-based executive search firm Stanton Chase International, and Orane, a volume-based selection unit for entry-level managers.
Currently, the firm has seven offices located in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune and Kolkata, and had around 70 employees as of April this year.
While the deal value was not disclosed, a report in The Economic Times said it was signed for around Rs 150 crore.
This acquisition will help Recruit to strengthen its existing presence in India. It has been operating in Delhi, Mumbai and Bangalore under the RGF brand since 2011.
In 2007, Recruit launched its first international HR service under the RGF HR Agent brand, mainly to introduce job seekers to Japanese companies in Asia. Recruit’s search arm RGF Executive has more than 40 consultants working from Tokyo, Hong Kong and Singapore. As of July 30, 2013, it has expanded its operations to 21 cities and 9 countries in Asia.
Earlier this year, Recruit co-invested with others in the e-commerce marketplace Jasper Infotech, which runs Snapdeal.com.
In another significant deal in the HR services space, Fairbridge-controlled Thomas Cook recently acquired Ikya Human Solutions.
(Edited by Sanghamitra Mandal)