International Joint Venture Secures Best in Class Facilities Management for India
OCS is the largest family owned International Facilities Services Group headquartered in United Kingdom. It combines a family ethos in its working culture with a meritocracy approach to management whilst maintaining operating standards similar to public companies. OCS with its worldwide presence has a strong focus in the Asian market where nearly half of its global employee strength are working in different countries in Asia, with Thailand taking the lead.
To achieve the Group’s vision of increasing its Asian axis and being recognized in the Indian market as a total facility management provider, care has been taken to build it with the right acquisitions and partners. The outcome is to leverage and capitalize on the economic acceleration supported by sustainable GDP growth of the country, especially in the FM industry.In order to broaden its Asian presence, OCS has invested in Absotherm Facility Management Services Pvt Ltd, a company founded by Pradip Menon fifteen years ago. Absotherm FM has a pan-India presence with a strong team of over 5,000 employees. The company provides engineering services (mechanical & electrical), water management, safety and energy audits and non-conventional energy solutions.
Absotherm is consistently growing with a Compound Annual Growth Rate of over 40% and is expected to cross INR 1 billion with current revenue run rate.Commenting, Rupal Sinha, Managing Director, South East Asia for OCS Group Limited, states, “We are delighted to announce the joint venture with Absotherm, which is an integral part of OCS' £40m expansion plan within the region. This great partnership builds on recent joint ventures and acquisitions in Singapore, Cambodia and Vietnam and enables both companies to focus resources to provide best in class Facility Services across India and the region."
Mr Pradip Menon, who will continue as the Managing Director of the Company added, “India is gradually opening its doors to world class facilities management services and outsourcing these is now becoming a practice. We are very happy that OCS has partnered with us in India and with their long illustrious history & expertise in the facilities management business we now look forward to progress contributing to the total facility management services in India.”Mumbai based Singhi Advisors were the advisors to the transaction for Absotherm and Vaish Associates were the legal advisors. Khiatan & Co were the legal advisors to OCS.