Swiss firm picks up 26 pc in Race Tech
Sauter AG of Switzerland has picked up 26 per cent stake in the Chennai-based Race Technologies for Rs 5 crore.
It plans to invest further Rs 25 crore in the next two years in the company, according to Mr R. Suresh, Director of Race Technologies.
"We have been working with Sauter for 10 years and the low price for the stake was to provide a comfort level for them. We have not decided on the extent of further dilution in favour of Sauter," he told newspersons.
Race Technologies provides building automation solutions such as atmosphere control and safety solutions. It imports equipment from Sauter. Its projects include Tidel Park, World Bank and Ascendas in Chennai, Microsoft in Hyderabad and IBM in Bangalore, said Mr S. Bhagavan, Director.
Eighteen Race employees monitor the Tidel Park round-the-clock. In case of any emergency, the entire building can be evacuated in nine minutes. The company ensures that temperature, humidity, pressure and cleanliness are at the prescribed level, he said.
According to Mr Suresh, the Indian market for building management systems, a sector in which Race Technologies specialises, is about Rs 700 crore.
Sauter, a company with revenues of 330 million Swiss Francs, employs around 1,700 employees, according to Mr Bertram Schmitz, CEO.
Some of the buildings it has been involved in include the London Opera House, the Great Kremlin Palace, the Millennium Dome London and the Austrian Parliament.
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