The transaction between Schneider Electric and Zicom Electronic Security Systems Limited to acquire Zicom’s assets has been completed. During the first week of March, Schneider had acquired Zicom Electronic Security Systems’ electronic security systems integration business, namely the Building Solutions Group and the Special Projects Group. The business recorded revenues of approximately €30 million in fiscal 2009 and has a headcount of about 200. The transaction excluded Zicom’s other group companies, such as the retail business and Dubai-based joint-venture.
A statement issued by Zicom to BSE, said, “With reference to the earlier announcement about the approval granted by the Board of Directors of the Company for sale of its Electronic Security System Business to Schneider Electric India Pvt. Ltd. (Schneider) as a going concern on “slump sale” basis and with reference to the earlier announcement dated April 16, 2010 about the approval of the Shareholders granted to the said sale vide Postal Ballot results declared on the same date, Zicom Electronic Security Systems Ltd has now informed BSE that the transaction referred above has been completed.”
Zicom is the largest independent electronic security systems integrator in India. It has completed to date more than 1,000 projects in infrastructure (city surveillance, railways, airports etc.), government facilities, commercial buildings and high-end hotels where it enjoys strong market positions.
Schneider Electric, leading global player in energy management with operations in more than 100 countries, has 100,000 plus employees with sales of 15.8 billion euros in 2009.