Schneider Electric has entered an agreement with Zicom Electronic Security Systems Limited to acquire the latter’s electronic security systems integration business, namely the Building Solutions Group and the Special Projects Group, for about Rs 224.7 crore. Following the announcement, shares of Zicom surged nearly 19 per cent to a 52-week high of Rs 134 on the Bombay Stock Exchange (BSE) from the previous close. Its shares closed at Rs 127.8, up by 13.8 per cent on Friday. The business recorded revenues of around euro 30 million in fiscal 2009 and has a headcount of about 200. The transaction excludes Zicom’s other group companies, such as the retail business and a Dubai-based joint-venture. [Read More]