Faber Group Unit Sets Up JV Company In India

KUALA LUMPUR, June 26 (Bernama) -- Faber Group Bhd's unit Faber Facilities Sdn Bhd (FFSB) together with India-based Apollo Sindoori Hotels Ltd (ASHL) plans to set up a joint venture company in Chennai, India which will be involved in healthcare and non-healthcare support services.A statement from Faber said the support services will be in the areas of bio-medical engineering maintenance, facility engineering maintenance, cleansing, housekeeping, janitorial services and hospital support services and management of information services.FFSB will hold 51 percent in the joint venture while the remaining 49 percent interest will be held by ASHL.Under an agreement to set-up the new company, ASHL will transfer its existing business of housekeeping services to hospitals valued at a deferred consideration RM7.23 million to the joint venture company.ASHL said it will also ensure that the hospitals it is providing the services to signs contracts with the new company.The entry by FFSB into the joint venture agreement is expected to expand FFSB's current business operations into international boundaries.The synergistic venture augurs well with FFSB's plan to be a comprehensive provider of facility management services by providing related support services and looking beyond Malaysia for the group's long-term growth, it said.