Rakesh Jhunjunwala to invest in Syska LED Lights1 min read . Updated: 30 Aug 2021, 10:31 PM IST
- In accordance with the terms of the signed term sheet, about 15% of the funds have been deployed already
MUMBAI : Rakesh Jhunjunwala’s Rare Enterprises and its partners have signed a term sheet to invest in Syska LED Lights Pvt Ltd, promoted by the Uttamchandani family. In accordance with the terms of the signed term sheet, about 15% of the funds have been deployed already. It is expected that the transaction should conclude in the next 60 days.
Financial details of the transaction were not disclosed
“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," said Rakesh Jhunjhunwala, Partner – Rare Enterprises.
“Syska Group has been on a consistent growth trajectory and we are poised to achieve new business milestones in the coming years. With the blessings of our Guru, we believe this collaboration with Rare Enterprises will support our organization in its next phase of growth, and enable us to secure a leadership position in India’s fast moving electrical goods (FMEG) industry. We are confident that this will be a long and fruitful association," said Govind Uttamchandani, Director, Syska Group.
Starting with Guru Nanak Marketing, a company that was involved in the distribution of T-series Audio cassettes, CDs and audio video systems for Maharashtra, the SYSKA Group has today diversified into electronic product categories such as as LED, Personal Care Appliances, Mobile accessories, Home Appliances.
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