Tata Group firm Nelco Ltd has agreed to sell its ‘managed services businesses’ to Mumbai-based ATM e-surveillance firm Securens Systems Private Limited for up to Rs 2.6 crore (over $0.41 million), according to a stock market disclosure.
As per the deal, Nelco will transfer its ‘managed services businesses’ to Securens Systems as a going concern on a slump sale basis with effect from April 1, 2015.
The transfer is, however, subject to completion of a definitive agreement and various approvals.
Founded by Sunil Ramanna Udupa in 2011, Securens Systems is into alarm systems. It provides dedicated communications, internet protocol (IP) messaging and closed circuit television (CCTV) solutions. The firm caters to banks, automated teller machines (ATMs), vehicles, retail establishments and high-value asset show rooms.
In June 2014, venture capital firm Mayfield Fund invested Rs 30 crore (a little over $5 million then) in Securens Systems by subscribing to its preference and equity shares.
Nelco offers integrated security and surveillance solutions, VSAT services, managed services and satellite communication projects.
It also offers turnkey solutions deploying IT and communication infrastructure as well as providing security and surveillance solutions for the government and defence sectors.
Its managed services business monitors and manages critical facilities and infrastructure. It also manages IT and critical non-IT devices, including organisations’ security and surveillance infrastructure.
In January this year, private sector power producer Tata Power Co Ltd agreed to acquire Nelco ‘s defence business of Unattended Ground Sensors (UGS) on a slump sale basis for about Rs 8.3 crore (approximately $1.3 million).
(Edited by Joby Puthuparampil Johnson)