Billionaire investor Rakesh Jhunjhunwala's investment firm Rare Enterprises has signed a term sheet to invest in Uttamchandani family-promoted Syska LED Lights Private Ltd.
In a press release, Pune-based Syska said about 15% of the funds agreed to in the term sheet have already been deployed. The transaction is expected to conclude in the next 60 days.
“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," Jhunjhunwala said in a release.
Govind Uttamchandani, director at Syska Group, said the collaboration with Rare Enterprises will support it in its next phase of growth, and help secure a leadership position in India's fast moving electrical goods industry. "We are confident that this will be a long and fruitful association."
Apart from LED lighting, Syska, which is a part of the SSK Group, has forayed into personal care appliances, mobile accessories, home appliances and wearables.
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