PE-backed Crompton Greaves eyes Kenstar; CX Partners shows interest in Comstar
Advertisement

PE-backed Crompton Greaves eyes Kenstar; CX Partners shows interest in Comstar

By Keshav Sunkara

  • 09 Aug 2017
PE-backed Crompton Greaves eyes Kenstar; CX Partners shows interest in Comstar
Credit: Thinkstock

Crompton Greaves Consumer Electricals Ltd has offered to pay around Rs 1,440 crore ($226 million) to buy home appliances brand Kenstar from Videocon group, a Mint report said, citing two people aware of the development.

The deal is likely to include a sales guarantee clause to ensure that the sales numbers of Kenstar quoted by Videocon do not deviate drastically in the near future, the report said.

Crompton Greaves is backed by private equity firms Advent International Corp and Temasek, an investment arm of the Singapore government. Advent holds a 22.34% stake in Crompton and Temasek 12.03%.

Advertisement

The company makes products ranging from fans, lighting products, pumps and household appliances such as geysers, mixer grinders, toasters, irons and electric lanterns.

In another report, Mint said billionaire Dilip Shanghvi’s Sun Oil and Natural Gas is close to acquiring state-run Gujarat State Petroleum Corp’s (GSPC) 66.67% stake in the Hazira gas field located in the Cambay basin in Gujarat.

Sun Oil had, in December last year, bought a 33.03% stake in the gas field from Canada’s Niko Resources Ltd, the report said, citing two people aware of the development.

Advertisement

The field has neared the end of its life and GSPC may have to abandon the block after September. Selling it to Sun Oil would be a better way to monetise the field than abandoning it, the report added.

Sun Oil, a division of Sun Petrochemicals Pvt. Ltd, started functioning in January 2015 with a small team of geo-scientists and engineers, according to Sun Petrochemicals latest annual report.

Separately, Mint reported that homegrown private equity firm CX Partners is in advanced talks to acquire a majority stake in Chennai-based auto component maker Comstar Automotive Technologies Pvt. Ltd for about Rs 400-450 crore.

Advertisement

Comstar designs and makes starting and charging systems for passenger cars and commercial vehicles. The company has two manufacturing plants in Chennai and Tecumseh in US, according to its website.

In 2015-16, the company’s net profit stood at Rs 62.83 crore on total income of Rs 463 crore.

Advertisement

Share article on

Advertisement
Advertisement
Google News Icon

Google News

Follow VCCircle on Google News for the latest updates on Business and Startup News