The Indian government has struck a deal with the private equity giant Kohlberg Kravis Roberts (KKR) for a $300 million investment in a luxury customs house in the western Indian city of Hyderabad.
The move will see Kohlenberg Kravis’ private security company, Paragon Security Services (PSS), become the prime contractor for the project.
It will have a presence in the city’s sprawling private quarters and a fleet of six armoured vehicles.
The private security firm has a presence and a presence of its own in Mumbai and Hyderabad, but the company has been in India since the early 1990s.
The deal was announced on Monday at a ceremony in the private sector’s largest state-run bank, the Central Reserve Bank of India (CRB).
The CRB said the deal is subject to regulatory approval and a final approval process would begin within three months.
The Indian government said it will use the funds to develop a new facility for customs clearance and customs clearance operations in Hyderabad and develop a network of customs officers.
The Indian military and the state government will also be involved in the construction of the new facility, it added.
Paragon Security will have more than 1,000 employees and will be working in a wide range of fields, including the delivery of goods and military security.
The company said it would work closely with the Indian government to establish a strong corporate culture, and that it would provide security services to private citizens and private enterprises.