AIG invests $12 mn in Firepro

American International Group (AIG) has invested $12 million in Bangalore-based Firepro Systems, a provider of safety, security and building management solutions.

AIG is understood to have picked up a little more than 15 per cent stake in this Rs 150 crore firm. The firm employs around 300 professionals.

According to a statement, Firepro will use the investment for further expansion and working capital requirements. MAPE Advisory Group advised Firepro on this deal.

Said Narendra, MD, Firepro, "We welcome AIG on board and we are confident that the increased capital. With a partner like AIG, we will build the right institution with which we will launch an IPO in a few years time.

Post this deal, Santosh Senapati will join the board of Firepro and represent AIG Global Investment Group. Speaking on the investment, Senapati said, "We believe that the market for safety and security solutions is set to witness an exponential growth fuelled by the growth in real estate and other infrastructure. Firepro Systems has built for itself a strong leadership position in the space and we are excited to partner Firepro's sustained growth and help them dominate the market further."