Mumbai, Nov 6 (PTI) Private equity investor EverstoneGroup today said it will acquire Videocon Group's homeappliances brand Kenstar for an undisclosed sum.
Kenstar will operate as an independent business andwill be controlled by Everstone.
The proposed transaction includes purchase andtransfer of the Kenstar brand and businesses under the brandon a going concern basis including a state-of-the-artmanufacturing facility, as well as assets from CenturyAppliances, an associate of the Videocon Group, it said in astatement.
"As part of the deal, Everstone will also enter into astrategic alliance with Videocon group, among others, formanufacturing, co-operation on Kenstar brand, and developingnew products," it added.
Kenstar has presence in air coolers, air conditioners,mixer grinders, juicer mixer grinders, food processors,electric kettles, oxy fryers, microwave ovens, water heaters,and smart ceiling fans.
"Everstone looks forward to significantly invest inthe Kenstar brand and leverage our operating expertise tounlock its true potential by strengthening thedealer network, supporting product innovation, and investingin brand building," Everstone Group Managing Director AvnishMehra said.
Commenting on the deal, Century Appliances DirectorAnirudh Dhoot said, "We believe Everstone is the perfectpartner for Kenstar with the right mix of financial resourcesand operating expertise to rapidly grow the latent potentialof the Kenstar business. We look forward to collaborating withEverstone and Kenstar teams in growing the business in theyears to come." PTI DSRMT.
This is unedited, unformatted feed from the Press Trust of India wire.