3i picks up minority stake in BVG India
27 Jan 2011
3i PLC, a UK-based global investor in private equity, infrastructure and debt management, and funds managed by 3i, have acquired a minority stake in BVG India Ltd. Financial details were not disclosed in the press statement released in Mumbai.
BVG is one of India's largest facilities management services companies with a pan-India presence, offering a wide range of services. It was established in 1997 and has grown to over 18,000 employees.
The company provides services such as mechanised housekeeping, landscaping and gardening, logistics and transportation, electrical and mechanical services, among others.
BVG has over 250 clients in India including prestigious names in the public and private sector such as Rashtrapati Bhavan, Parliament House, Prime Minister's office and residence, Indian Railways, AIIMS, Safdurjung Hospital, Delhi High Court, Mantralaya, Municipal Corporation of Greater Mumbai, TATA Motors, ITC, ABB, Volkswagen, Hyundai, Fiat, ONGC and Hindustan Unilever.
Commenting on the transaction, 3i Asia's managing director, Anil Ahuja said, "BVG is a pioneer in the facilities management (FM) space in India and is well-positioned in the fast-growing FM market. This investment gives us an excellent opportunity to back a market leader to fulfil its growth aspirations and potential."
BVG India's chairman and managing director H R Gaikwad said, "We are very excited by 3i's investment in BVG. 3i is a renowned name in the Indian and global private equity market and we are very happy to welcome them as partners. We believe that 3i will provide us strong support in realising our growth plans."
This partnership would help in bringing global best practices to BVG India, leading to operational excellence and customer delight," the company's vice-chairman Umesh Mane added in the statement.
