Rentokil Initial has entered into a joint venture with Pest Control of India and acquired 57% stake in the JV, the company said Tuesday.
As part of the transaction, both companies will merge its Indian business into the joint venture. The combined entity will be the largest provider of pest control services and products in India with combined annual revenues of Rs 450 crore and would operate from 250 locations and with about 6,900 employees.
“PCI is an outstanding business and by combining its national scale in India with our global expertise, we will create a market leader that is strongly positioned to take advantage of the increasing demand for commercial and residential pest control services over the coming years. Both companies operate similar business models with a strong commitment to colleagues and delivering outstanding customer service,” said Andy Ransom, CEO Initial plc.
Rentokil Initial estimates that the professional pest control services market in India is worth approximately around Rs 1800 crore and growing at about 15% per anum. The joint venture will bring together two highly recognized forces in the professional pest control services market – the global leader and India’s leader, the company said.
