Construction Industry News
Rushabh Vora, co-founder and CEO of SILA, announced that SILA has purchased Forbes Facility Services from the Shapoorji Pallonji Group in a cash sale.
This purchase will strengthen SILA's facility management services division in Northern India. This year, the merged company is likely to generate more than Rs 600 crores in revenue. This transaction cost SILA Rs 42 crore.
With over 100 million square feet of real estate under management and more than 15,000 employees across India, the merged company would be one of the largest Indian service providers in the sector.
The co-founder and CEO said they are confident in the partnership to take advantage of synergies across regions and sectors.
He said the experience of the new staff, along with their patented technology, SILA Connect, will enable them to grow rapidly.
Vora added that this transaction will help them expand their portfolio in India's fast-growing industrial, manufacturing and storage sectors.
Vinay Deshmukh, CEO of Forbes Facilities Services, told media that they are part of the Shapoorji Pallonji group, which has a rich history of lineage, policies and support.
He said they are committed to promoting the concept of Friend For Life to their customers and stakeholders as a direct descendant of Eureka Forbes.
SILA has increased at a CAGR of over 60% over the past decade. The company revealed that it would continue to develop at a rapid pace through organic and inorganic resources.
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