Mortice lists in London Stock Exchange

Mumbai, May 15 (UNI) Mortice Limited (Mortice), the parent company of Tenon Property Services Private Limited (Tenon), an India-focused integrated project delivery, property and facilities services corporation, today listed on the Alternative Investment Market (AIM) of the London Stock Exchange to pursue an aggressive path of growth, both within India and the Asian region.

CEO of the Company Andrew Barker told UNI from London after the listing that the company planned to raise five million pounds for its growth plans, which also included an organic path. He expected the Facility management business in India to grow into a six billion dollar market, over the next three years. It is a huge unorganised and fragmented sector currently.

He said the company aimed to grow by acquiring some of the companies in the fragmented sector. It also plans to have footprints in other Asian countries, including Vietnam and Philippines.

He said Mortice proposes to deploy the funds raised to support Tenon's initiative to enhance its operation's capability and reach.

It is also intended to give Tenon the flexibility to grow via strategic acquisitions in the facilities and project management sectors. Tenon has been established with leading facilities and project management professionals at its helm.

He said Tenon's key differentiator was the offer of an efficient delivery of a full service to its customers. This was achieved through general contracting for project delivery and self-performance on key facilities services. This leads to superior cost control, timely delivery, quality assurance on projects and to cost and service delivery efficiency on facilities services. The service delivery model addresses key requirements on these services in the Indian market.

Mortice is promoted by Manjit Rajain, who has an impressive background in the Indian Army and subsequently, with the police services, where he held key strategic positions. His experience in the defence forces prompted Manjit to establish Peregrine Guarding, now a fully-owned subsidiary of Tenon, in 1995, and since then the company has grown to over 10,000 employees (including security guards) and more than 450 clients across 19 states.

Mortice is incorporated in Singapore and has leading personalities Arun Duggal and Keith Hellawell as non-executive Directors.

In India, players in the Projects and Facilities Management space provide fragmented solutions with multiple vendors. But they do not provide comprehensive solutions in this space. The result is that companies have to interact with not just service providers, but also with sub-contractors, who are a part of the overall service delivery chain.

He said Tenon aimed to eliminate this multiple delivery service chain by providing: Superior cost models, Enhanced service delivery - quality, turnaround times, Accountability as well as being a reliable service partner.

UNI VK SR AG2003