Schneider acquires Zicom’s security business
In an effort to strengthen its presence in India, Schneider Electric has acquired the electronic security business of Zicom Electronic Security Systems Limited for Rs225 crore. Schneider will take control of Ziacom’s electronic security systems integration businesses— the Building Solutions Group and the Special Projects Group. Zicom will also transfer Rs80-crore worth ongoing works to Schneider besides transferring its 185 employees.
Olivier Blum, Country President, Schneider Electric India, said: “This acquisition reaffirms our ambition in India and represents another major milestone after the robust development of the past years. Security and energy management are among India’s top challenges and fastest growing markets. After the transaction, Schneider Electric will be in an even stronger position to capture these opportunities with the support of its 8,000 employees.”
Zicom is one of the largest independent electronic security systems integrators in India with projects spanning across various segments such as city surveillance, railways, airports etc. Its turnover stands Rs179 crore (unaudited) as of December, 2009.
With its domestic sale figure of Rs2000 crore last year, Schneider plans to quadruple its domestic turnover and double the market share in India by 2013. It estimates Indian security market to grow at about 20% in coming years to Rs1,400 crore.