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Swedish security solutions company Gunnebo Security Group, which has been present in India for over 80 years, is now looking to step up the action here.
The company, which makes safe deposit lockers, vault doors, fire resistant cabinets and ATM safes, will be investing Rs 30 crore at its manufacturing plant in Halol, Gujarat. This is to increase production capacity by 75 per cent. It is also considering exporting its security solution products from India.
For Gunnebo, the Halol plant is among its top three manufacturing facilities worldwide in terms of size. The company has 16 facilities. Apart from Halol, the company also has another plant in Ambattur, Chennai and both plants cater to the domestic market.
Gunnebo Security Group President and CEO Mr Per Borgvall said: “India contributes 6 per cent of our global revenues and it's the fifth biggest market for us among the 31 countries we operate in. We have been growing in India at the rate of 20-25 per cent a year and we believe this growth will continue and we are hopeful we would be able to double our business here in the next couple of years.”
Doubling Revenue
The company wants to double its revenue share from India to €60 million from the current €30 million within the next two years. Gunnebo has also announced a new leadership team in India to steer its expansion plans here.
Though about 70 per cent of the company's business is in security solutions for banks and financial institutions, it is now looking to tap into the demand from the growing infrastructure sector in India, especially for security solutions in airports, Mass Rapid Transit System and metro network projects.
“The infrastructure investments coming up in India would be an additional fertiliser for the booming growth opportunity in India. As we expand our capacities here, the ambition for the group is to create capacities to export out of India,” he added.
The company provides integrated security solutions catering to various operational segments, including cash handling, access and entrance control, site protection and fire protection.
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