France-based home appliance maker Groupe SEB has acquired remaining 45 per cent stake in Maharaja Whiteline, a small kitchen appliance maker, for an undisclosed amount, the company said in a release.
In December 2011, the French firm had acquired 45 per cent stake in Maharaja Whiteline.
This acquisition fulfils Groupe SEB's aim to expand in India and accelerate Maharaja Whiteline's growth. As part of this deal, Sunil Wadhwa, former CEO and MD of Usha International Ltd, will remain CEO of Maharaja Whiteline.
Created in 1976, Maharaja Whiteline has its roots in northern and western India. It is one of the major players in the highly fragmented small kitchen appliance market, with a diverse product portfolio that also cover mixer-grinders.
Backed by a network of 500 distributors, Maharaja Whiteline is present through over 26,000 outlets. It operates a plant in Baddi in Himachal Pradesh and employs around 350 people.
Groupe SEB sells products under brands such as Tefal, Moulinex, Krups and Rowenta.
In this space, recently Butterfly Gandhimathi Appliances Ltd bought a unit from its promoter's privately held company LLM Appliances Ltd through a slump sale for an undisclosed amount.
Another kitchen appliance maker Associated Appliances Ltd (AAL), based in Faridabad, is also looking to raise around Rs 90 crore ($14.5 million) through an overseas convertible bond issue.
(Edited by Joby Puthuparampil Johnson)