The Hindu Business Line : Tenon buys Rotopower Projects

New Delhi, June 22 Facility management firm Tenon Property Services, a subsidiary of LSE-listed and Singapore-based Mortice Ltd, has acquired Delhi-based Rotopower Projects Pvt Ltd for a consideration of Rs 10 crore.

The acquisition has been done by Tenon after making adjustment for debts and sufficient working capital.

Rotopower, a 12-year-old company, employs over 1,600 people and services over 75 clients pan-India. The firm provides services such as mechanical and electrical maintenance, annual maintenance contracts and housekeeping.

Tenon had raised $10 million through the London Stock Exchange’s alternate investment market route earlier this year and has funded its acquisition through the same.

Investing in India

“Indian market is growing extensively and we would like to invest here. We are constantly scouting acquisitions to add teeth to our plans in India,” Mr Andrew Barker, Group Chief Executive Officer of Tenon and Director of Mortice told Business Line.

Tenon currently manages about 5 million sq ft of space in India. Its turnover stood at Rs 100 crore in 2008-09, Mr Barker said.

“Our aim is to manage about 15 million sq ft of space by the end of this fiscal. We will also be moving beyond infrastructure to airports, hospitals and malls as well,” he said.

On the acquisition, Mr Manjit Rajain, Executive Chairman, Mortice, said the acquisition will be funded through the company’s existing resources. Tenon and Rotopower will provide facility management services to over 100 clients managing an area of over 7 million sq ft across India.

The acquisition will increase the combined workforce to about 20,000 employees.

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