Hong Kong-based Crown Worldwide Group, which is into records management, relocation and world mobility services for executives working in multinational companies, plans to invest $60 million (₹384 crore) in India to expand operations and establish new businesses, a top official said.
“We started operations in India in 1998 and [are] now growing at a rate of 15% year-on-year,” Srinivas Krishnan, MD, South Asia, Crown Worldwide Group, said. “We have ambitious expansion plans and we will invest $60 million in India by 2020 to grow our various businesses,” Mr. Krishnan added.
The group’s plan includes investing $20 million (₹128 crore) in setting up vault facilities in key cities of India. These vaults would be located in fire-resistant premises for storing high-value documents of banking and financial institutions and law firm clients for a fee. The group had set up its first vault in Chennai at an investment of $3 million (₹19 crore).
“For our records management division, we decided to set up the first vault facility in Chennai following demand from our customers who were affected by repeated floods in that city,” he said. “It is a four-storeyed structure housed inside a warehouse. We unveiled it two days back and 25% of the space has been occupied,” said Mr. Krishnan.
More vaults
He said similar facilities would be set up in Delhi, Mumbai and Bengaluru in the next 18 months. The rest of the investment would go towards creating storage facilities for consignments of relocating customers and office space for reviewing documents of records management customers and in starting new businesses.
“We are already present in key cities in India and are keen to expand to tier 2 and tier 3 cities. Besides, we are interested in rolling out our other services in India. Recently, we have introduced our fine art logistics service for movement and safe keep of precious paintings,” said Ken Madrid, CEO, Asia Pacific, Crown Worldwide Group.
The firm, which stores wines for the long term for its clients, is planning to start this service in India, Mr. Krishnan added. In India the company employs more than 600 people.
