NEW DELHI: SIS has executed binding agreements to form a joint venture with Prosegur, Spain for setting up a greenfield Alarm Monitoring and Response Service business in India. As per the agreements, SIS & Prosegur will invest capital to create a new company to pursue residential security, small commercial, and multi-locational e- surveillance opportunities in India. SIS Group and Prosegur will each hold 50 per cent in the joint venture company (SIS Prosegur Alarm Monitoring & Response Services Private Limited).
Basic infrastructure of the new company has already been set up and is operating from its headquarters in Gurgaon. Through this transaction the joint venture company SIS PROSEGUR ALARMS will be able to leverage the world class technology and best practices of PROSEGUR while benefitting from SIS Group’s operational and management capabilities, market knowledge and access to customer relationships and office networks across India. The business is the first of its kind in India and the combination of the strengths of the two companies is expected to create a major niche in the security market.
SIS and PROSEGUR already operate a joint venture company in India for cash logistics services since 2012 and this joint venture is expected to further strengthen the partnership between two companies.