New Delhi [India], July 31 (NewsVoir): Ozone Enterprise Group, an Everstone PE Capital funded company and leading player in the Architectural Hardware industry, announced its acquisition of 'Wallcam', a company engaged in Security and Surveillance business in India.
The acquisition will make 'Wallcam' a fully owned subsidiary of Ozone. The acquisition process, which is in its final stage, will be completed soon. Ozone sees a lot of synergies in the business with its existing business lines and will accelerate and strengthen Wallcam's model of working through its R&D, manufacturing and reseller partners.
Ozone has a diversified presence in Architectural Hardware, Safes & Vaults, Locks, Fire & Safety Doors and Urban Furniture, the brand is among the Top 3 players in Safes & Locks in the country. The group has been actively exploring options to diversify into new businesses, security and surveillance being one of them.
"The idea behind acquiring WallCam was to give a head-start to our diversification plans, get accesses to WallCam's existing business, the brand, sales & distribution network. We are excited about this new move as it is in synergetic with our growth ambitions and abilities," said founder and MD, Ozone Enterprise Group, Alok Aggarwal.
Talking about its business aspirations, with its aggressive growth and diversification plans, the group is eyeing Rs. 1,000 Cr. turnover by FY 2021. The company plans to invest over Rs. 100 Cr. in next 2 years on diversification primarily on building manufacturing capability for CCTV cameras and other security and surveillance products & IoT in India.
Ozone Group already has international tie ups for product and software and are also looking at fresh equity influx to fund expansion in electronic security and surveillance business. A significant amount of this equity influx will be dedicated for a greenfield manufacturing unit for electronic security & surveillance under the "Make in India" initiative of the Government.
"Security and Surveillance is one of the fastest growing industry in India, the market size of the industry from the current USD 1 Bn is likely to grow 2.5 to 3 folds by end of 2021. We have been actively exploring options to diversify into this industry and after contemplating both organic & inorganic options, we finally narrowed down on taking the inorganic route with the WallCam acquisition. We are all geared up to make the most of the market opportunity and will soon be seen as one of the prominent players in the market," added Aggarwal. (NewsVoir)
This story has not been edited. It has been published as provided by ANI