The Hindu Business Line : HK co picks up stake in Ikan Relocations

Bangalore, Feb. 28 To facilitate growth of its global business, Bangalore-based relocations company Ikan Relocations Services Pvt Ltd has offloaded a 70 per cent stake to Hong Kong-based Santa Fe Relocations for an undisclosed sum.

Mr Diwakar Gupta, Joint Managing Director, Ikan Relocations, said that as Ikan has been representing Santa Fe in India for the past few years, both the managements saw ‘a lot of synergies between the two companies.’

“Ikan will benefit from being a local Indian player to becoming a part of the pan Asian network, which will help us in providing regional support throughout Asia to our clients, through our own offices,” he said.

Ikan, which recorded a turnover of Rs 10 crore (fiscal 2007), is expected to double its turnover every year and reach Rs 40 crore in the next three years, according to Mr Diwakar.

“The relocations market in the country too has become more broad-based with more sectors using our services,” he said.

From 2001-05, the relocations business has been driven by high-profile moves in the IT and the ITeS sectors. In the last 18 months, however, the boom in other sectors such as infrastructure, real estate, manufacturing, insurance and retail has contributed to the growth of the market.

Though traditionally expats into the country have largely come from the US and the UK, there is now a trend of foreign nationals from Latin America, France, Italy, Netherlands and Norway coming to work here. “This has necessitated growth for us across the globe,” explained Mr Gupta.

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