TVS Capital increases stake in Dusters Total Solutions

TVS Capital today said that its Shriram Growth Fund I has completed the committed additional investment tranche in facilities management company Dusters Total Solutions Services Pvt Ltd (DTSS), taking their investment in the company to Rs35 core.

DTSS was formed through the merger of two companies run by entrepreneurs Shamsher and Jasmer Puri. DTSS is based in Bangalore with offices in Mumbai and other cities and employs over 18,000 people across 10 states.

To boost revenue, DTSS acquired Facilitec Services Private Limited, a Bangalore-based company specialising in M&E operations.

''The 100-per cent acquisition of Facilitec Services (India) Pvt. Ltd. is a strategic move which will position DTSS to offer Comprehensive Facility Maintenance Solutions to our clients in the future,'' said Shamsher and Jasmer in a statement.

TVS Capital had made its first round of investment into DTSS in November, 2009.

"The Fund believes that there is a lot potential for organised players in the facility management services to gain share as clients demand higher standard services, stricter compliance, and complete bouquet of services across multiple geographies," TVS said in a statement.

''India's facilities management market is valued at an annual $3.3 billion (Rs15,400 crore) and is expected to grow 25-30 per cent annually over the next three-four years. We are actively working with DTSS on inorganic and organic growth along with an increased focus on systems, processes and higher delivery standards.

Facilities Management is an asset-light business and our current tranche is expected to aid revenue ramp-up,'' said D Sundaram, vice chairman and managing director of TVS Capital.