{"id":9822,"date":"2016-04-03T01:26:39","date_gmt":"2016-04-02T18:26:39","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=9822"},"modified":"2016-04-02T23:39:00","modified_gmt":"2016-04-02T16:39:00","slug":"dubais-efs-in-talks-to-buy-cleaning-firm-in-india","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-efs-in-talks-to-buy-cleaning-firm-in-india\/","title":{"rendered":"Dubai's EFS in talks to buy cleaning firm in India"},"content":{"rendered":"


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\nEFS Facilities Services, a Dubai-based facilities-management company, is on the verge of acquiring a cleaning company in India that will boost it in size ahead of a potential IPO.The EFS chief executive, Tariq Chauhan, said the company was in the latter stages of negotiating the deal, which would add 26,000 staff to its existing payroll of 12,000.Mr Chauhan said that the deal being negotiated would allow EFS to add cleaning to its current “hard services” of building-engineering management in India, moving it closer towards its goal of providing complete facilities management in-house. It currently outsources services such as cleaning and security in the country.
\nEFS started life as the facilities management arm of Drake & Scull, but was spun out as a separate entity when Drake & Scull floated on the Dubai Financial Market in 2006.India is currently its third-biggest market, behind the UAE and Saudi Arabia. It operates in 22 countries, and no single territory is responsible for more than 20 per cent of its overall annual revenue of US$200 million.The company had explored the prospect of an IPO last year, but shelved the plan as market conditions worsened. “We were engaged and we had definite plans, but at this stage, considering the market scenario, we would be waiting,” Mr Chauhan said. “But we have the necessary infrastructure. We have gone through all of the necessary guidance.”
\nEFS currently has 17 shareholders. Drake & Scull’s chief executive, Khaldoun Tabari, is the biggest single shareholder, but does not hold a controlling stake, according to Mr Chauhan.He said EFS can afford to wait and consider other options, as its primary reason for listing is to raise funds for growth as opposed to shareholder exits. It would use the proceeds to offer more services, such as security and waste management, to existing clients and target growth in African markets.
\nmfahy@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Dubai’s EFS in talks to buy cleaning firm in India<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

EFS Facilities Services, a Dubai-based facilities-management company, is on the verge of acquiring a...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-9822","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-2yq","jetpack-related-posts":[{"id":51592,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/efs-facilities-services-to-expand-its-footprint-in-africa\/","url_meta":{"origin":9822,"position":0},"title":"EFS Facilities Services to expand its footprint in Africa","date":"April 11, 2017","format":false,"excerpt":"\r EFS Facilities Services (EFS) is to expand into eight new territories this year, bringing the total number of countries it will operate in to 30, according to the chief executive Tariq Chauhan.The Dubai-based company has picked up Dh750 million worth of new contracts over the past four months, bringing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57520,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/former-drake-scull-chairman-sells-stake-at-dubai-contractor\/","url_meta":{"origin":9822,"position":1},"title":"Former Drake & Scull chairman sells stake at Dubai contractor","date":"June 12, 2017","format":false,"excerpt":"\r The former Drake & Scull chairman Khaldoun Tabari has sold his stake in the contractor Drake & Scull to the company pledging to put Dh500 million of new money into the business.Mr Tabari is understood to have completed a transaction to sell his remaining stake in the Dubai-based contractor\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57616,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/former-drake-scull-vice-chairman-sells-stake-at-dubai-contractor\/","url_meta":{"origin":9822,"position":2},"title":"Former Drake & Scull vice-chairman sells stake at Dubai contractor","date":"June 12, 2017","format":false,"excerpt":"\r The former Drake & Scull vice-chairman Khaldoun Tabari has sold his stake in the contractor Drake & Scull to the company pledging to put Dh500 million of new money into the business.Mr Tabari is understood to have completed a transaction to sell his remaining stake in the Dubai-based contractor\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":50237,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-breaches-terms-of-bank-loans\/","url_meta":{"origin":9822,"position":3},"title":"Drake & Scull breaches terms of bank loans","date":"March 30, 2017","format":false,"excerpt":"\r The contractor Drake & Scull International has breached covenant terms of its sukuk and other loans, according to the company's newly filed audited accounts. The company had a conditional waiver in place with its lenders, but according to the accounts statement filed on the Dubai Financial Market it was\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":35402,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-to-cull-civil-contracting-and-indian-businesses\/","url_meta":{"origin":9822,"position":4},"title":"Drake & Scull to cull civil contracting and Indian businesses","date":"November 23, 2016","format":false,"excerpt":"\r Drake & Scull International (DSI) will trim its civil contracting and Indian businesses as part of a restructuring plan aimed at returning the Dubai-listed contractor to profitability as it contends with cash flow issues caused by contracts in Saudi Arabia. DSI will close its Gulf Technical Contracting Company (GTCC)\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":29341,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/drake-scull-appoints-new-chief-executive\/","url_meta":{"origin":9822,"position":5},"title":"Drake & Scull appoints new chief executive","date":"October 10, 2016","format":false,"excerpt":"\r Khaldoun Tabari, the longstanding leader of Drake & Scull International is to stand down as chief executive the company said this morning.Mr Tabari, who bought a majority stake in the UAE based international arm of UK construction company Drake & Scull in 1988 and purchased the remaining stake a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/9822"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=9822"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/9822\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=9822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=9822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=9822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}