CHENNAI: Appliances firm Singer India on Tuesday said an international investor will buy 42 per cent stake in the holding entity of the India business.
Retail Holdings India BV is a promoter entity of Singer India Ltd.
The company, however, neither shared the name of the investor nor the deal size.
“Retail Holdings Asia BV, has entered into an agreement with an international private investor to sell approximately 42 per cent of its equity interest in its 100 per cent owned subsidiary, Retail Holdings India BV to the investor,” Singer said in a regulatory filing.
The company also made it clear that no change in the ownership or control of Singer India will take place as a result of this transaction and RH India will continue to be the majority shareholder, owning approximately 59 per cent of the equity of Singer India.
The transaction is anticipated to be closed before year end.
RH Asia said it believes that the Singer India business should benefit significantly from the relationship with the said investor.
“The Investor is an existing licensee of SVP Worldwide, the owner of the Singer trademarks. The investor has extensive experience in sewing and appliance distribution worldwide, including owning and operating Singer sewing and appliance businesses in France, Greece, and Eastern Europe,” the company said.