Quess Corp to acquire FM business of Manipal Integrated

The company said it has approved the draft scheme of arrangement for such demerger of the facility management and catering businesses to Quess.
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Nov 30, 2016, 09.03 AM | Source: PTI

Quess Corp to acquire FM business of Manipal Integrated

The company said it has approved the draft scheme of arrangement for such demerger of the facility management and catering businesses to Quess.

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Quess Corp to acquire FM business of Manipal Integrated

The company said it has approved the draft scheme of arrangement for such demerger of the facility management and catering businesses to Quess.

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Quess Corp to acquire FM business of Manipal Integrated
Integrated business services provider Quess Corp announced that it has entered into agreements to acquire the facility management and catering businesses of Manipal Integrated Services Pvt. Ltd.

The company said it has approved the draft scheme of arrangement for such demerger of the facility management and catering businesses to Quess.

This will help strengthen the market leading position of Quess in the integrated facility management space in India, the company said in a release here.

Quess will initially invest Rs. 2,200 million by subscribing to CCPS of MIS for securing an interest in the Facility Management and Catering Businesses, development of the same and facilitating the demerger of the same businesses, it said.

Subsequently, the release said, the Facility Management and Catering businesses of MIS will be demerged into Quess pursuant to a Scheme of Arrangement which will see Quess issue approximately seven million one hundred and fifty thousand equity shares to equity shareholders of MIS.

MIS runs the facility management, food services and hostels business of the Manipal Education and Medical Group ("MEMG"), in addition to servicing marquee third party clients. MIS (along with its subsidiaries) serves more than 120 clients with presence in Healthcare, Education and BFSI sectors.

With a headcount in excess of 17,000 associates, the facility management and catering businesses are expected to close FY17 with estimated revenue of INR 4,265 million, it said.

Quess and MEMG, with this agreement, have entered into a long term partnership under which Quess will provide facility management, catering and security services to all MEMG affiliated entities for a minimum period of five years.

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