UTC Climate, Controls & Security Systems, part of the US-based diversified aerospace and building systems provider United Technologies Corp (UTC), has acquired a controlling stake in Chennai-based Agnice Fire Protection Ltd, for an undisclosed sum, the company has said in a statement today.
The acquisition of Agnice complements existing capabilities and offerings, and further strengthens its foundation in India, the statement has added.
Incorporated in 1995, Agnice is engaged in the engineering, procurement and construction of fire protection systems for petrochemicals and refineries in India and abroad. The company provides a plethora of services such as fire risk evaluation, engineering, system design, hydraulic calculation, quantity surveying and budgeting, drawing and documentation, procurement installation, testing and commissioning, and maintenance. The company is based in Chennai, with additional offices in Oman, the UAE and Saudi Arabia.
Founded in 1934 and based in Hartford, Connecticut, UTC is a leading provider of heating, ventilation and air-conditioning systems, building controls and automation, and fire & security systems. The company’s UTC Fire and Security segment provides electronic security products comprising intruder alarms, and access control and video surveillance systems.
Incidentally, UTC has been increasing its presence in India by various acquisitions. In 2005, the company acquired Kidde Fire in Mumbai (formerly Vijay Fire) for an undisclosed sum. Two years later, UTC Fire and Security acquired majority stake in Alba Control Systems Ltd, currently called Chubb Alba Control Systems Ltd. On the global front, United Technologies had acquired GE’s security business for $1.82 billion. Also, in August this year, United Technologies was planning to acquire Bangalore-based Firepro Systems for around $200 million, according to various media reports.
Commenting on the deal, Zubin Irani, president of UTC Climate, Controls & Security Systems (India), said, “UTC looks at India very strategically. With acquisitions like this, we enhance our position by building scale, reach, product offerings and customer service capabilities across the country.”
“This acquisition will enable Agnice to expand to new horizons. By aligning with UTC’s global expertise, capabilities and network, we will provide a superior platform for our continued growth,” said Agnice MD Govindarajan.