Rakesh Jhunjhunwala's Rare Enterprises said on Monday the company will invest in Uttamchandani family-promoted Syska LED, which will help the fast-moving electrical goods company in its next phase of growth, a release said.
"Rare Enterprises and its partners have signed a term sheet to invest in Syska LED Lights Private Limited, promoted by the Uttamchandani family. In accordance with the terms of the signed term sheet, about 15 percent of the funds have been deployed already," it said.
The transaction is expected to conclude in the next 60 days, the release added.
"We are encouraged with the business and the brand that Syska has built so far we view this as a long-term partnership with the promoter family to take Syska into its next phase of growth and leadership," Rakesh Jhunjhunwala, Partner, Rare Enterprises said. Rare Enterprises and its partners are investors in Indian equities, both listed and unlisted.
Syska Group has witnessed success over the years due to its first-mover mindset and constant innovation and has become one of the leading fast-moving electrical goods companies in the country, as per the release.
"Syska Group has been on a consistent growth trajectory and we are poised to achieve new business milestones in the coming years. We believe this collaboration with Rare Enterprises will support our organisation in its next phase of growth, and enable us to secure a leadership position in India's fast-moving electrical goods (FMEG) industry," said Govind Uttamchandani, director, Syska Group, said.
He said the company is confident that this will be a long and fruitful association. Syska Group over the years has grown and diversified into segments such as LED, personal care appliances, mobile accessories, home appliances and only continues to grow and dominate these markets, according to the release.
(Edited by : Jomy Jos Pullokaran)