BIS Group entering the strategically important growth market of India via an acquisition
With the acquisition of the Neo Group with headquarters in Surat in North-Western India, Bilfinger Berger Industrial Services Group (BIS Group) is continuing its internationalisation strategy and entering a new and attractive growth market. The Neo Group has around 1,600 employees and generates annual revenues of some EUR 60 million. Its regional focus is on the state of Gujarat, the heart of the Indian process industry; in addition, the Neo Group is also active in the main industrial regions of India.
BIS goes India: at the signing ceremony – from the left – Tobias Eitel (BIS Group), N. Syamaprakash (Chairman and Managing Director Neo Structo), Dr. Rudolf K. Jürcke (COO BIS Group), D. Syamaprakash (Director Neo Structo).
Bilfinger Berger Industrial Services Group
The Neo Group particularly provides maintenance, installation and assembly services for customers in the oil and gas, petrochemicals and energy industries. “Our entry into the Indian market marks a milestone in our ongoing efforts to broaden our international presence”, says Dr. Michael Herbermann, CEO of the BIS Group: “The country is characterised by strong economic growth, offering great potential for development particularly in industrial service. The Neo Group addresses the very sectors which our own Company focuses on. With this acquisition, we will be creating the basis for establishing ourselves as a firm partner to the process industry in this market of the future.”
“The Neo Group’s customers”, explains Dr. Rudolf K. Jürcke, Chief Operating Officer of the BIS Group, who is also responsible for India, “include Indian chemical and petrochemical companies as well as the BIS Group’s global customers, some of whom have been active in this country for decades. In addition, there are potential major Indian customers such as Reliance, which are also increasingly strengthening their global outreach.” Beyond this, the BIS Group’s entry into this market will also give it access to resources and capacity for projects outside the Indian subcontinent such as the Middle East.
The acquisition of the Neo Group includes Neo Structo Construction Ltd., which specialises in maintenance, installation and assembly, and Spetech Plant Equipment Private Ltd. with its focus on mechanical prefabrication. It has been agreed not to disclose the purchase price.
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