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PNN
Mumbai (Maharashtra) [India], January 16: Supreme Facility Management Limited (NSE - SFML), a leading player in the facility management sector, is pleased to announce that it's signed a Non-Binding MOU (Term Sheet) to acquire a 76% stake in two companies, Cleanway Management Systems (India) Private Limited and Ashok Business Service India Private Limited respectively. This strategic move is set to bolster Integrated Facility Management service offering of the Supreme in the Southern part of India, particularly Karnataka, Tamil Nadu and Telangana, further consolidating its leadership in the region. Given the shared scope of work between Supreme Facility Management and the two companies, the integration process is expected to be seamless, creating significant mutual growth potential. Company Cleanway Management Systems (India) Private Limited and Ashok Business Service India Private Limited reported a revenue of Rs40.36 crore and Rs13.20 Crores in FY24 respectively . This strategic acquisition is set to foster seamless service integration and drive service expansion, unlocking operational synergies and elevating the value proposition for clients. Upon completion of transaction (Subject to legal, financial due diligence), Supreme Facility Management anticipates to add asubstantial increase to its current ongoing revenue, by additional Rs45-Rs50 Cr. This acquisition aligns with the company's long-term vision of delivering enhanced services to its clients while capturing a larger market share in key regions. Highlights: Commenting on the development Amol Shingate, CEO of Supreme Facility Management Limited, said: "This acquisition is a pivotal step in our journey toward becoming the preferred partner for facility management solutions across India. By joining forces with Cleanway Management Systems Private Limited and Ashok Business Service India Private Limited, we are confident in our ability to deliver greater value to our clients while expanding our footprint in the dynamic markets of Karnataka, Tamil Nadu and Telangana". (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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