V-Guard is set out to build a potent brand in the Indian electric and electronic goods panorama.
V-Guard has intentions to acquire a 100% stake in the household & kitchen appliance company named Sunflame Enterprise. The deal comprises a straight of Rs 660 crores. The final settlement of the agreement was sighted on Friday.
The deal will be financed by a combination of internal costs and debt. The purchase is part of VGuard’s strategy to become a major player in the home kitchen appliance segment. The deal is considered to settle by January 2023.
Singhi advisors are exclusive trading advisors. Deloitte Touche Tohmatsu India and Cyril Amarchand Mangaldas provide financial and legal advice to V-Guard, respectively.
Mithun Chittilappilly, managing director at V-Guard Industry, said “The proposed acquisition is a key milestone in V-Guard’s journey to have deeper engagement with its consumers. Sunflame is an iconic brand and is expected to provide significant thrust to V-Guard’s plans to become a leading Indian Kitchen appliances player.”
KL Verma, managing director at Sunflame Enterprises, said “The company is confident that Sunflame would scale even greater heights with V-Guard.”