PM Group buys 50pc of Indian firm as it targets Asian market
Published 18/03/2010 | 05:00
CONSTRUCTION services firm PM Group has taken a 50pc stake in an Indian company and has dispatched some of its senior management to Bangalore.
The deal hasn't yet been formally unveiled, but PM Group boss Pat McGrath confirmed "40 or 50 people" are already working in a PM-branded Indian office.
"The plan would be to get that to 100 as quickly as possible," he added.
PM has also just signed up for an office in Brussels, with China and Brussels earmarked as two major targets for 2010.
The latest additions bring PM's total international presence to about 20 offices, covering everything from engineering to project management and architecture.
The firm, whose credits closer to home include the Aviva Stadium and Pier D, boasted a turnover of €250m last year and employs 1,760 people.
PM specialises in life sciences and education projects, and Mr McGrath said Asia represented a major growth opportunity since its emerging population was likely to demand more life sciences and education facilities over the coming years.
The US is the home territory of many of PM's biggest clients, and Mr McGrath said it made sense to have a presence there.
"We're looking at what our US options are, we're likely to do it either through an acquisition or an alliance," he said. PM also yesterday announced its international consultancy division has secured €10m worth of EU-funded consultancy projects in the Balkans.