Company Background

Mortice Limited was incorporated in Singapore on 9 January 2008. It is the holding company of Tenon Property Services Private Limited (Tenon), and the ultimate parent company of Peregrine Guarding Private Limited (Peregrine), the two operational companies of the Peregrine Group which are based in India.

The Peregrine Group has been providing security services in India for 16 years, establishing a client base of over 450 customers and developing a strong pan-India presence providing manned guarding in the process. Peregrine Group had opened 51 branches in 19 out of the 28 Indian states and has clients in a range of sectors including ITES, manufacturing, pharmaceutical, banking and healthcare. The business of the Peregrine Group has been transferred into Tenon and Peregrine Guarding. Mortice intends to utilise this platform to establish and grow new businesses to manage and provide project, property and facilities management services in the Indian market.

Mortice has established a strong management team with experience in setting-up, managing and delivering integrated facilities services to the Indian corporate real estate sector. The key objective of the reorganised Group is to provide integrated property services in India and the Directors believe that such services will enable the Company to provide total end-to-end management solutions to India’s growing corporate real estate sector.

Market Opportunity

The growth of the Indian economy has resulted from various political, economic, social and technological drivers that, in turn, have created a significant opportunity for the development of the property and facilities management market throughout the sub-continent. The Indian economic outlook, in the short to medium term, is distinctly upbeat with expected growth at circa 8 per cent per annum until 2020. Coupled with this the market opportunity for facilities management and property services has been estimated at $6 billion over the next three years.

The Indian FM market has grown significantly with the growth of the Indian ‘off-shoring’ industry though it had developed well before the ITES boom. The opportunities are considered greater than in other emerging markets as Indian companies previously followed a model of ‘out-sourcing’ to property management companies similar to the situation in the UK where companies contracted out services prior to the development of the FM industry. In order to compete in the current market which is characterised by increasing labour and infrastructure costs, the FM industry requires companies which can self-perform their services in order to unlock value throughout the supply chain.


The Directors’ strategy is to continue to expand the Group’s current business operations, developing its facilities, property and project management services enhancing the Company’s capability to self-perform all major property and facilities management services including project consulting, delivery management and general contracting services.

The company will adopt various strategic initiatives, including acquisitions and strategic alliances where required, to strengthen its service delivery capability. The Company will deliver its enhanced services to the existing Indian customer base of the Group and to new clients, initially, in India and later throughout Asia, the Asia Pacific region and the UAE.

Risk Profile

The Directors believe that the Group would be at a low level of risk as the Company’s model aims at a significant gap in the market; the ability to be able to manage and self-perform its services. The Company will seek to exploit this gap by providing a highly attractive and cost-competitive product, which will be enhanced by the Management team’s experience of establishing three of the principle four competitors in India and Asia.