BW Communities

Gunnebo Plans To Diversify Into Infra In India

Poonam Singh Nov 08, 2014

<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[Gunnebo India, a Swedish security group, which has been present in India for over 80 years and makes safe deposit lockers, vault doors, fire resistant cabinets and ATM safes, is now looking for opportunity in infrastructure and banking sectors here. Gunnebo's customers are primarily retail banks, central banks, CIT companies and it is now ready to enter into infrastructure such as DMRC project, airports, entrance control etc. Per Borgvall, Global CEO and President of Gunnebo Security says "with a view on future and to expand our current portfolio in India, we have plans to invest Rs 30 crore in a manufacturing plant at Halol, Gujrat to expand capacity by 75 per cent from the current level." Other than Halol, Gunnebo has another unit in Chennai. He said the company is planning to continue investing in the growth markets like India, China and Indonesia. The four key businesses where the company invests are core banking security and cash handling, secure storages, entrance control (infrastructure security) and global services. India continues to be one of the most important markets for Gunnebo and possesses great potential for growth, says Borgvall. He said currently India contributes to around six per cent of the company's revenues globally and is growing at 25 per cent compounded annual growth rate and that they would like to maintain a similar profit rate in the next two years. Gunnebo is a Swedish listed global security group operating in 31 countries across the globe and with presence on a further 100 markets though agents and distributors. It provides integrated security solutions to customers that set high standards on secure is a world leading supplier of high graded fire and burglary resistant safes. It has been active on the Indian security market through its subsidiary Steelage since 1932. Steelage was acquired into the Group in the year of 2000. It also markets and sells products and solutions for secure storage under the well-known brand Chubb safes.