DENMARK-BASED $12-billion facility management company ISS is acquiring a majority stake in security services firm SDB Cisco for close to Rs 150 crore, said a person with direct knowledge of the development.
Chennai-based SDB Cisco is a 60:40 joint venture between MAC group-promoted public listed company Sicagen India and Singapore-based Certis Cisco. Spokesperson of both SDB Cisco and ISS were not available for comment. A few days back, trading and services firm Sicagen India announced that it has got into a share purchase agreement with an unnamed buyer to sell its stake in SDB Cisco India.
SDB Cisco provides cash-intransit management services to firms across sectors and has an employee base of about 25,000 security guards. The company clocked revenues of around Rs 210 crore for the year ended March’09.
MAC Group had been looking to sell its 60% stake in almost four decade old JV, since early last year as a part of strategy to exit all non-core businesses. The stake sale will help the diversified group to focus on core businesses such as petrochemicals, logistics and fertilisers, the person said. ISS that provides facility services including cleaning and catering, besides security services employs more than 4.8 lakh people globally and will route the transaction through its Indian subsidiary ISS Facility Services India.
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