Company news: Security and Intelligence Services (India)

Security and Intelligence Services (India) on Thursday announced that it has been awarded a three-year contract valued at approximately ₹300 crore to provide security solutions to 47 facilities of Cognizant Technologies located across India. As part of the contract, the security, cash logistics and facility management services firm will deploy around 5,000 personnel in different categories across Chennai, Bangalore, Kochi, Coimbatore, Pune, Mumbai and Kolkata. It is expected that full deployment for this contract will be completed in October. Given the number of facilities of CTS, the company will incur significant transition and migration costs, starting the third quarter of FY19. “The scale and nature of these costs, which reflect the required scale of service delivery, are fully covered in the pricing model over the term of the contract,” SIS said in the statement. Shares of SIS slipped 2.66 per cent at ₹914.75 on the NSE.