Financial Daily from THE HINDU group of publications
Wednesday, Nov 30, 2005
Financial Daily from THE HINDU group of publications Wednesday, Nov 30, 2005 |
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Corporate
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Mergers & Acquisitions Randstad Holding to acquire EmmayHR Our Bureau
Mr Frans Cornelis, Managing Director, Randstad Holding, with Ms Monisha Advani, CEO, Emmay HR, at a press conference in Mumbai on Tuesday. — Paul Noronha
Mumbai , Nov. 29 RANDSTAD Holding NV, a Netherlands-based employment company, has announced that it has entered into an agreement to acquire 51 per cent of the holding of EmmayHR, an Indian recruitment firm. Randstad is also expected to purchase the remaining holding in EmmayHR over the coming years. EmmayHR, a human resources provider in recruitment, selection and training with 120 employees, is expected to offer Randstad good representation in India. "This partnership will bring a global expertise to our presence in India,'' Ms Monisha Advani, CEO, EmmayHR, said at a news conference. This is said to be the first strategic Asian acquisition. According to the officials of the two companies, core values, business objectives and corporate culture match. ``The cooperation with EmmayHR fits with our ambition to establish ourselves into India. In the rapidly developing Indian market, recruitment is a key service, and the acquisition of EmmayHR gives Randstad a foothold in that growing sector,'' a news release said quoting Randstad's CEO, Mr Ben Noteboom. Challenges facing the recruitment industry in India, according to Mr Frans Cornelis, Managing Director, Randstad, is to alter the surrogate perception of the industry here. It also aims to be number one in this country. Outlining the roadmap to growth here, Mr Cornelis said the plan is to achieve national scale with more branches, expand repertoire of services through recruitment process outsourcing and deliver a combination of permanent and flexible workers. Randstad is the world leader in temporary and flexible staffing. EmmayHR was set up in 1996.
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