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Monday, February 6, 2023

Nw : V-Guard Industries to develop Sunflame Enterprises for Rs 660 crore

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V-Guard Industries (V-Guard) is going to develop 100% stake in kitchen appliance firm Sunflame Enterprises for a deal pegged at Rs 660 crore on a cash-free and debt-free basis. The definitive settlement used to be signed on Friday.

The deal will most likely be funded by a combination of inner accruals and debt. The acquisition is in maintaining with V-Guard’s choice to develop into a principal player in the home kitchen dwelling equipment phase. SEPL has a pan India presence working under its Sunflame mark. The deal is anticipated to inner gape mid-January 2023.

Singhi Advisors were the irregular transaction advisors. Deloitte Touche Tohmatsu India and Cyril Amarchand Mangaldas supplied financial and authorized advisory services and products respectively to V-Guard.

Mithun Chittilappilly, managing director at V-Guard, talked about the proposed acquisition is a key milestone in V-Guard’s rush to comprise deeper engagement with its patrons. He talked about Sunflame is an iconic mark and is anticipated to form principal thrust to V-Guard’s plans to develop into a leading Indian Kitchen dwelling equipment player.

KL Verma, managing director at Sunflame Enterprises, talked about the firm is confident that Sunflame would scale even better heights with V-Guard.

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