Consumer electrical and electronics major V-Guard Industries (V-Guard) announced that it is acquiring 100 per cent stake in Sunflame Enterprises Private Ltd for a consideration of u20b9660 crore.
The transaction will be conducted on a cash-free, debt-free basis and is subject to closing adjustments, according to the firm, which said it signed a formal agreement, according to V-regulatory Guard’s filing, the deal is anticipated to finalise by mid-January 2023.The acquisition is consistent with V-plan Guard’s to dominate the market for home kitchen equipment. SEPL has a pan India presence operating under its Sunflame brand.
Deloitte Touche Tohmatsu India, Cyril Amarchand Mangaldas and Singhi Advisors provided financial, legal and transaction advisory services respectively to V-Guard.
The proposed acquisition is a significant turning point in V-journey Guard’s toward deeper consumer connection through innovative products and experiences. Sunflame is a recognisable brand that is etched in the memories of Indian families and is expected to provide significant thrust to V-Guard’s plans to become a leading Indian Kitchen Appliances player. We appreciate the trust reposed by SEPL’s Promoter family in us to take the Sunflame brand to greater heights, said Mithun Chittilappilly, Managing Director, V-Guard.
We are proud of the Sunflame legacy, having won and retained the trust of our customers and partners for nearly four decades. Having started this journey in 1984, we have come a long way since then. V-Guard, a name synonymous with trust, is the right organization to take this legacy forward. We are confident that the Sunflame brand would scale even greater heights with V-Guard, said K. L. Verma, Managing Director, SEPL.Shares of V-Guard Industries was up by 4.19 per cent at u20b9259.80 at BSE.
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