Infotech Lead India: Gunnebo Group, a provider of security solutions, announced that India has become its second largest market as compared to the fifth position in 2011.
With an increase of 50 percent in year on year orders and a 40 percent increase in revenue, India becomes a priority market for Gunnebo.
“We believe in India as a long-term growth opportunity for Gunnebo. This is validated by our performance in the first six months of the year, which has witnessed a 50 percent increase in our business from this market. In addition, to the strong traction for revenues in the first half of the year, we see a strong pipeline and potential for growth for the remaining part of the year,” said Per Borgvall, president and CEO for Gunnebo Group.
The growth is mainly driven by business within bank security where the Group has strong market positions in India and globally.
The security solutions provider is planning to strengthen its leadership position in India through manufacturing investments and acquisitions.
“Gunnebo continues to invest in India strengthening its continued long term strategy of being the leaders in security solutions in India. Using proven leading-edge manufacturing processes we continue to aggressively increase our manufacturing capacity in the Halol Plant to meet the increased demands,” said Sandeep Deshpande, country manager and managing director for Gunnebo India.
Per Borgvall, president and CEO, will visit India in October revisiting and strengthening the Indian strategic plans for Gunnebo. During his visit he will meet with customers and partners to further strengthen Gunnebo’s commitment to India.