Indian security tycoon takes a swipe at G4S

The Indian protection tycoon Richie Nanda has hit out at rival G4S over its disastrous handling of Olympic security, after increasing his stake in rival Shield Guarding Company from 51 to 100 per cent.

The multimillionaire, who holds a doctorate in martial arts from Indiana University and was famed for his lavish birthday parties in India, said that G4S's failure to provide enough security staff for the Games was "bad for the country".

He added: "It looks like G4S got a bit too ambitious, that they were a bit overstretched. They tried to bite off more than they can chew."

Mr Nanda has taken full control of London-based Shield through his security empire Topsgrup, which protects the Indian Premier League cricket in India and is the biggest company of its type in that country. He initially bought in to Shield back in 2008, but will now become executive chairman.

The original deal valued Shield at £29m, though he has taken the remainder "a bit cheaper" as some of the management were looking for a financial exit.

Gerry Paxton, who founded Shield in 1986, is leaving the company, though much of the team remains in place.