Security and cash logistics firm SIS has acquired a majority stake in SLV Security Services.
The value of the deal was not diclosed.
SIS said it would take 51 per cent stake in SLV which provides security services, electronic surveillance and security consulting.
"This is the first strategic transaction for SIS since its IPO. Last year, the company had notified the stock market about its Rs 1,000 crore acquisition and investment corpus," SIS said in a statement today.
Through this strategic partnership, the SIS - SLV combine shall secure the highest market share in Gurgaon - NCR market, it said.
"We look forward to leveraging on our partnership to become a much more dominant player in the region and take us closer to our goal of being the number 1 security services company in India. Our M&A strategy is focussed on becoming the leader in key micro markets and NCR market is one of them," said Rituraj Sinha, Group Managing Director, SIS Group.
SLV was founded by Vishal Swara and Shyam Swara, SLV in 1986.
Vishal said that with the strategic partnership with SIS, the company will enhance its ability to service clients through new solutions as well as increase presence with new customers and geographies.
Over the next few years, SIS will increase its shareholding in SLV in the mutually agreed manner, the statement said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)