V-Guard to acquire Sunflame Enterprises
Kerala-based V-Guard Industries has signed definitive agreements for acquiring Sunflame Enterprises (SEPL) for a consideration of Rs 660 crore, on a cash-free and debt-free basis. The deal would be funded through a mix of internal accruals and debt.
SEPL’s wide portfolio, product development capabilities and a recently established state-of-the-art integrated manufacturing facility provide the opportunity for V-Guard to scale up its Kitchen Appliances business while also unlocking synergy benefits.
Mithun Chittilappilly, Managing Director, V-Guard, said, “The proposed acquisition is a key milestone in V-Guard’s journey to have deeper engagement with its consumers by providing thoughtful products and experiences. Sunflame is an iconic brand etched in the memories of Indian households 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.”
SEPL offers a wide product portfolio including cooktops, chimneys, pressure cooker, mixer grinder and small kitchen appliances that cater to every consumer segment from nearly four decades. SEPL recorded a revenue of Rs 349.8 crore in FY22.
K L Verma, Managing Director, SEPL, said, “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.”
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.