New Delhi, Apr 3 (UNI) Zicom Electronic Security Systems today said it has signed a Memorandum of Understanding (MoU) with Singapore-based CNA Group to form a joint venture (JV) company that will offer integrated intelligent building management solutions for residential and commercial complexes in the country.
As per the MoU, Zicom will hold 51 per cent stake and CNA Group will have 49 per cent in the JV company named as Zicom CNA Automation Ltd, company said in a statement.
''We are pleased to tie up with CNA to address growing demand of automation industry particularly Intelligent Building Management Solutions for large residential and commercial complexes in India,'' said Chairman, Zicom Electronic Security Systems Ltd Manohar Bidaye.
With the intended relationship with CNA, the company aims to leverage on the enormous growth potential of the booming real estate market in the country by providing integrated facilities management solutions and services to residential, industrial commercial and government construction.
UNI AK MP BD1216