The first strategic foreign investment in the country's cash management space has been sealed with the regulatory clearance for a joint venture between Spanish multinational Prosegur and Delhi-based Security and Intelligence Services (India). The Foreign Investment Promotion Board, the nodal body that clears FDI into India, cleared the proposal last week allowing one of the world's largest private security companies to enter India. Prosegur will invest around 100 crore for a 49% stake in the newly-launched local entity, in which the Indian partner will hold 51%. The joint venture will offer cash management solutions to Indian banks, financial institutions and organised retail firms. "The idea is to build world-class cash processing infrastructure and technology for productivity enhancement and superior risk management," said Rituraj Sinha, chief operating officer at SIS. Prosegur will bring in expertise from its global portfolio which includes over 600 offices across the world.
Source: Economic Times
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