Kerala NBFC floats company to enter security service market

Thiruvananthapuram, Jan 13 (IANS) Kerala-based NBFC Muthoot Pappachan Group (MPG) has floated MPG Security Group Pvt. Ltd. to roll out its security service initiative.

The service will be available by the end of this fiscal (March 31) in all 7,700 branches of the group companies in the country.

The company launched state-of-the-art fleet of 133 Advanced Technology Vehicles (ATVs) equipped with e-surveillance, monitoring and communication systems and specially trained personnel as part of the initiative.

Each vehicle carrying three security guards will reach any of the around 1,750 branches of the Muthoot Fin Corp and Muthoot Finance in Kerala in just 25 minutes after any branch sends out break-in or fire alarm.

Muthoot Pappachan Group CMD Thomas John Muthoot said the company had become a pioneer in the specialised field of security service with a market of more than Rs.20,000 crore.

“By using this new security system, Muthoot Fin Corp will save more than Rs.50 crore every year in security operations alone,” Muthoot said.

From Tuesday night, the first batch of 50 ATVs will cover around 40 branches each in Kerala. This facility will be extended next week to Tamil Nadu.

“Leading jewellers, other non-banking financial institutions and even commercial banks have already approached us to include their establishments in the new security protocol,” he said.

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