The race for Dhoot family promoted Videocon Group’s home appliances brand Kenstar has picked up pace with multiple suitors expressing interest and Crompton Greaves Consumer Electricals backed by private equity heavyweights Advent and Temasek is seen as the front-runner in the early stages of ongoing negotiations, two sources familiar with ongoing negotiations told ET NOW on the condition of anonymity. ET NOW was the first to report the story.
“Videocon is exploring various strategic options for Kenstar to reduce the group’s debt burden including a potential sale. Non-binding bids were submitted recently by suitors keen on picking up a majority stake in Kenstar and Crompton Greaves Consumer Electricals is ahead of others at this stage,” said one of the sources cited above. Read More…
Credit By: The Economic Times
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