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Billionaire-investor Rakesh Jhunjhunwala is set to pick a significant strategic stake in Syska LED, as has been reported in most of the mainstream media sites.
Jhunjhunwala, as per the report, is likely to signed a memorandum of understanding (MoU) to pick the stake in Syska LED.
The development comes shortly after it was reported that Syska LED has entered into negotiations with Crompton Greaves Consumer Electrical (CG Consumer) with the latter eyeing an acquisition to strengthen its lighting portfolio. Rakesh Jhunjhunwala is reported to have moved forward in the deal.
CG Consumer was in an advanced stage of talks to buy the Syska LED Lighting business, according to CNBC TV 18 report, adding that the negotiations were going on around Rs 2,000 crore of deal value.
In November 2019, there were reports that Syska Led was in talks with private equity businesses to sell a minority stake and deleverage the firm’s balance sheet.
Syska has been selling electrical goods and sockets, extension cords and multi-plug boards. It has now expanded to selling LED lights in both consumer as well as commercial categories, personal care products for both men and women and home appliances such as irons and fans. Its products are low cost so that they can be affordable by a large section of the society.
Syska Led was founded in 2012 and its portfolio also includes smaller verticals like accessories, consumer home appliance, wires, cables and personal care products. The company had gained popularity after a successful TV advertising campaign featuring late Hindi film actor Irrfan Khan.
It has emerged from the parent company called Guru Nanak Marketing founded in 1989. In 1997 it became a trading a trading partner of Whirlpool, Kelvinator and Nokia. In July 2002 it became a distributor of Samsung Appliances. In 2006 it founded SSK Appliances, which became a distributor of mobile phones. In 2009 it bgan in-house production of memory cards for phones and cameras. SSK Retail was founded in 2011 and set up Samsung Smartphones stores across India. In 2012 it launched its own brand of phone accessories in India. In 2012 itself it acquired the lED lights manufacturing unit from IST in Korea. After that, it launched its brand SSK LED Lights in 2012 itself. In 2013 Syska was launched. In 2016 it branched into selling personal care items for men and women.