Sauter AG, the Swiss company, which specialises in building automation and management systems and related hardware, is marking its Indian entry by taking a strategic 26 per cent stake in Chennai-based engineering services company Race Technologies. | |
| Berne-based Sauter would invest approximately Rs 25 crore over the next two years, director of Race Technologies R Suresh said. |
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| "Sauter's first-phase investment will be Rs 5 crore for 26 per cent equity in Race," said Suresh. |
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| He said the final quantum of stake divestment in Race would depend on market conditions and maintenance of the company's current rate of growth. |
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| Sauter CEO Bertram Schmitz said the funds infusion by the Berne-based company in Race would open new opportunities in the Integrated Building Management Systems (IBMS) market for both companies. |
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| Race Technologies estimates the market for IBMS at Rs 700 crore including segments like safety and security innovations inside modern buildings and research establishments with stringent internal environment requirements. |
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| Race Technologies touched revenues of Rs 28 crore in FY06 and expects a turnover of Rs 70 crore in three years. |
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