Facilities management start-up Tenon Property Services is casting its net for acquisitions in India just as it enters the country and plans to buy two companies within the next six months. Part of the Manjit Rajain-promoted Mortice Group of Singapore—already present here through security services subsidiary Peregrine Guarding—Tenon has commenced discussions with potential clients as it aims for a turnover of Rs 1,000 crore in three years.
The company will list this year on London's Alternative Investment Market (AIM) to raise Rs 100 crore and intends to use part of the funds to finance its acquisitions. "We intend to raise about Rs 100 crore through the AIM listing to fund our activities in India," Tenon CEO Andrew Barket said, adding that an international acquisition is also included in the company's plan. He did not disclose the names of companies Tenon was in discussion with for a possible acquisition.
Tenon's strategy will see it leverage Peregrine Guarding's client base of over 500 companies, including Accenture, Ranbaxy and Maruti Suzuki.
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