Growth in Asia is a driving factor for Gunnebo’s global success. Gunnebo Group, a provider of security solutions, is growing in India.
The company said that with the easing need for security systems, orders from India have increased 50 per cent year-on-year and 40 per cent in terms of revenue. The company has a turnover of $660 million.
“We believe in India as a long-term growth opportunity for Gunnebo. This is validated by our performance in the first six months of the year, which has witnessed a 50 per cent increase in our business from this market. In addition, to the strong traction for revenues in the first half of the year, we see a strong pipeline and potential for growth for the remaining part of the year,” said Per Borgvall, President and CEO, Gunnebo Group.
According to the company, growth is mainly driven by business in the banking sector where the company has seen strong traction in India and globally.
The company has plans to set up a manufacturing base in India and is looking at acquiring companies. “We have strong plans to continue to strengthen our leadership in India through manufacturing investments and acquisitions,” said Borgvall.
The company is planning to increase its manufacturing in Halol to meet the increased demands.