V-Guard Industries (V-Guard), based in Kochi, announced on Saturday the signing of formal agreements to acquire a 100% share in Sunflame Enterprises Private Ltd. (SEPL) for Rs 660 crore.
According to a top V-Guard executive, the all-cash transaction is slated to close by the middle of January 2023 and will be funded through a combination of internal accruals and debt.
The acquisition is consistent with V-Guard’s aim of becoming a major player in the domestic Kitchen Appliances market.
Sunflame has a good brand recall and a pan-India reach. SEPL’s diverse portfolio, product development skills, and newly created state-of-the-art integrated manufacturing facilities present V-Guard with an ideal chance to expand up its Kitchen Appliances business while also realising synergistic benefits.
Sunflame is an iconic brand engraved in the minds of Indian homes, according to Mithun Chittilappilly, Managing Director of V-Guard, and is likely to provide substantial push to V-Guard’s plans to become a top Indian Kitchen Appliances company.
SEPL’s Managing Director, K.L. Verma, stated that the company has come a long way since its inception in 1984. V-Guard, a name synonymous with trust, is the ideal company to carry on this legacy.
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