AP Securitas form JV with Israel's Ares

MUMBAI: AP Securitas Group, a Delhi-based security company on Monday said it has formed a joint venture with Israel's Ares group, to offer security services to companies in the hospitality and aviation sectors. The venture will be called Ares-APS Security Services and will see an initial investment of $5 million each from both partners. The joint venture is targeting a $10 million in revenues by 2010.

Speaking to reporters on Monday, APS Group executive director Anil Puri said: "The recent terror attacks in Mumbai have clearly established that security scenario in India has changed radically." Ares Group CEO Asaf Nadel said: "With this tie-up we will have a large reservoir of world-class experts and this will enable us to provide the most advanced security solutions, physical electronic security and services in India."

Although both executives declined to comment on their new customers, it is learnt that the new venture would also offer security services to the Tata group, which owns the Taj, one of the two hotels to have been attacked by terrorists recently.

APS Group's key clients include HDFC Bank, Axis Bank, Amex among others. Ares specialises in homeland security and counter terrorism and some of the key clients include hotel chains such as the Hilton, Sheraton among others.