MUMBAI: The biggest India-focused personal fairness investor Everstone Capital has emerged as a dark horse to procure Kenstar, a house home equipment trade put at the block via the debt-laden Videocon Group, people at once acutely aware of the topic mentioned.
Everstone — founded via two former Goldman Sachs bankers, Sameer Sain and Atul Kapur — is claimed to have entered into unique talks with Videocon to procure the brand and its operations in a deal pegged at over $215 million (Rs 1,400 crore). This comes even because the deal-making with Crompton Greaves Consumer Electricals, which had made an offer, went into limbo. TOI in July had reported that Crompton Greaves was seen offering about Rs 1,500 crore for Kenstar. Crompton Greaves had showed filing an expression of hobby to procure Kenstar via a regulatory submitting in early October.
The two-decade-old Kenstar has presence in cooling home equipment, food processors, water warmers and cooking home equipment. Endorsed via Bollywood celebrity Shah Rukh Khan, Kenstar instructions a high market share in positive classes like air coolers. It is being valued at around 20 occasions its working benefit of Rs 70 crore on annual revenue of Rs 1,900 crore, resources acquainted with the topic mentioned.
When contacted via TOI, Everstone declined to remark. Videocon may not be reached for reactions.
The Dhoots of Videocon Group have put Kenstar at the block due to force from lenders because the diversified enterprise owes Rs 35,000 crore to them. While Videocon promoters own the Kenstar logo, its operations come under the flagship company Videocon Industries. Videocon figures a number of the RBI checklist of long-term defaulters, which could face motion under the lately carried out chapter code.
Sources mentioned this could put force at the deal closure timeliness. An update at the Kenstar sale procedure and its ongoing discussions with Everstone Capital is predicted later this week. Everstone manages property price of effort $3.3 billion. Kenstar is without doubt one of the brands that Videocon has advanced and powerfully built via the Dhoot circle of relatives, who in a different way is known to introduce overseas shopper digital brands like Akai, National and Panasonic in India via fairness partnerships. Investment bank Credit Suisse is running the sale procedure, which had attracted the eye of other suitors like Havells, Voltas and personal fairness large Blackstone.
Everstone — founded via two former Goldman Sachs bankers, Sameer Sain and Atul Kapur — is claimed to have entered into unique talks with Videocon to procure the brand and its operations in a deal pegged at over $215 million (Rs 1,400 crore). This comes even because the deal-making with Crompton Greaves Consumer Electricals, which had made an offer, went into limbo. TOI in July had reported that Crompton Greaves was seen offering about Rs 1,500 crore for Kenstar. Crompton Greaves had showed filing an expression of hobby to procure Kenstar via a regulatory submitting in early October.
The two-decade-old Kenstar has presence in cooling home equipment, food processors, water warmers and cooking home equipment. Endorsed via Bollywood celebrity Shah Rukh Khan, Kenstar instructions a high market share in positive classes like air coolers. It is being valued at around 20 occasions its working benefit of Rs 70 crore on annual revenue of Rs 1,900 crore, resources acquainted with the topic mentioned.
When contacted via TOI, Everstone declined to remark. Videocon may not be reached for reactions.
The Dhoots of Videocon Group have put Kenstar at the block due to force from lenders because the diversified enterprise owes Rs 35,000 crore to them. While Videocon promoters own the Kenstar logo, its operations come under the flagship company Videocon Industries. Videocon figures a number of the RBI checklist of long-term defaulters, which could face motion under the lately carried out chapter code.
Sources mentioned this could put force at the deal closure timeliness. An update at the Kenstar sale procedure and its ongoing discussions with Everstone Capital is predicted later this week. Everstone manages property price of effort $3.3 billion. Kenstar is without doubt one of the brands that Videocon has advanced and powerfully built via the Dhoot circle of relatives, who in a different way is known to introduce overseas shopper digital brands like Akai, National and Panasonic in India via fairness partnerships. Investment bank Credit Suisse is running the sale procedure, which had attracted the eye of other suitors like Havells, Voltas and personal fairness large Blackstone.
Everstone emerges dark horse for Kenstar buyout
![Everstone emerges dark horse for Kenstar buyout]()
Reviewed by Kailash
on
November 06, 2017
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