Zicom sells core business, to focus on energy, aviation

Mumbai: Mumbai-based Zicom Electronic Security Systems Ltd has sold its core business to French company Schneider Electric SA for Rs225 crore in a all-cash deal.
The company will use the money to repay the Rs90 crore debt on its books and diversify into new businesses such as renewable energy and aviation engineering, said founder and chairman Manohar Bidaye.
Zicom’s main business relates to integrated security solutions such as closed-circuit television surveillance, access control cards and alarm systems, contributing 52% of the company’s Rs375 crore revenue and 48% of profit in the nine months ended December 2009. Zicom decided to exit the business as increased demand from large hotels, government installations and office buildings called for a high degree of sophistication.
Zicom will continue to sell home security equipment and provide technology to smaller offices through its retail arm. Besides, the company has also retained its fire safety business in Dubai known as Unisafe Fire Protection Specialist Llc.
05/03/10 Joel Rebello/Live Mint

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Categories: Foreign Mar 2010, Indian Aviation- In General Mar 2010