Mumbai has witnessed a huge involvement of private security agencies. There are a number of security agencies like Topsgrup, SIS and so on. The 9/11 incident (terror attack on World Trade Centre in New York) was a watershed and in the past five years, the sector of private security agencies has grown from Rs 500 crore to Rs 10,000 crore. It is expected to double in next four years, industry insiders say.

Rapid growth of the sector in recent years has seen private capital flooding the sector. For example, in 2005, leading investor Rakesh Jhunjhunwala picked up 16 per cent stake in Topsgrup. In August this year, ICICI Venture and Indivision, the PE arm of Future Capital Holdings, together picked up 16.46 per cent equity for Rs 140 crore in the same company. Today, not just Topsgrup but several other agencies are considering listing themselves on the BSE.

Most of the leading industrialists and businessmen have opted for combined security, of police as well as private agencies. However, for services apart from personal safety, the clear winners are the private agencies, whose omnipresence in banks and financial institutions is indicative of changing times.