Delhi-based home appliance maker Sunflame Enterprises Limited is being acquired by Vigard Industries. V-Guard will own 100 per cent stake in Sunflame in a deal valued at Rs 660 crore. The acquisition will be completed by the middle of next month.
With this acquisition, V-Guard aims to be at the forefront of home appliance manufacturing. Sunflame is one of the brands with a wide presence across India in this field. The company’s product development capabilities and recently established state-of-the-art manufacturing plant will open up great opportunities for V-Guard to further enhance its kitchen and home appliance manufacturing business. Funding for this transaction comes from turnover and loans.
Mithun Chittilappilly, Managing Director, V-Guard Industries said, “This acquisition will be a major milestone in V-Guard’s journey of maintaining a deep connection with customers through superior products and experiences.” He also stated that the Sunflame brand, which is well known across India, will make it easier for V-Guard to become the leader in the manufacturing and distribution of home appliances.
Sunflame’s product range, extensive presence and distribution network open up multiple opportunities, VGuard COO V Ramachandran said.
English Summary : V Guard Acquiring Sunflame