Schneider Electric to acquire two business units of Zicom for Rs225 crore
05 Mar 2010
France-based Schneider Electric, a power and control solutions and security system manufacturer, today announced a deal to acquire parts of the electronic security systems integration business of Mumbai-based Zicom Electronic Security Systems for Rs225 crore.
Rueil-Malmaison, France-based Schneider Electric, which had 2009 revenues of 18.31 billion, is acquiring the building solutions and the special projects group of Zicom.
The agreement excludes Zicom's other group companies, such as the retail business and Dubai-based joint-venture.
Mumbai-based Zicom is India's largest independent electronic security systems provider designing electronic security solutions for businesses, government, commercial and residential properties.
It has completed more than 1,000 projects in city surveillance, railways, airports, government facilities, commercial buildings and high-end hotels where it is a market leader.
The business that Schneider is acquiring from Zicom employs about 200 people and had 2009 revenues of approximately Rs186 crore (€30 million).
