By IANS,
New Delhi: A 200-year-old Swedish security company that has had a presence in India for 79 years is ramping up its presence with a fresh infusion of Rs.300 million ($6 million) and raising its production capacity by 75 percent by 2012.
“India currently contributes close to six percent of Gunnebo Security Group’s global revenues and is consistently ranked amongst the top five contributors,” Per Borgvall, the company’s global CEO and president, told reporters here.
“To further leverage the growth potential we are witnessing in India, we will be making investments of Rs.300 million in our manufacturing unit in Halol (in Gujarat) and increase the production at the plant anticipating more demand in the Indian market,” he added.
“India continues to be one of the most important markets for us and possesses great potential for growth. With an eye on the future and to expand our current portfolio, we have decided to put together a strong team in India to lead the mandate in the country and expand in new verticals,” Borgvall said.
To this end, Sandeep Deshpande has been appointed the new managing director for India.
In India, the company has a presence in the bank security and cash handling, secure storage, anti-fire products and entrance control areas.
Some Gunnebo products in India are Chubb safes, Steelage filing cabinets and Minimax fire-fighting equipment.
Speaking about his plans, Deshpande said: “Our focus for the next year would be to enter into new verticals like electronic security and strengthen our leadership in banks and non-banking financial companies. We are also introducing global products like small safes and fire-resistant cabinets catering to home and small retailers and businesses.”
The company is planning to target verticals like mass transit security, corporate security, airport security, and government and defence security in 2013.
Gunnebo, which has a presence in 31 countries, has been active in the Indian security market through its subsidiary since 1932. Steelage was absorbed into the group in 2000.