Quess Corp, India’s leading integrated business services provider, has entered into agreements to acquire the facility management and catering businesses of Manipal Integrated Services (MIS), and have 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.
Quess will initially invest Rs 220 crore 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. Subsequently, 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.
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.
