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Consumer electrical and electronics major V-Guard Industries (V-Guard) on Friday announced that it is acquiring 100 per cent stake in Sunflame Enterprises Private Ltd for a consideration of 660 crore.

The company said that it has signed definitive agreement on Friday and the deal will on a cash-free, debt-free basis, which is subject to closing adjustments. The transaction is expected to close by mid of January 2023, said V-Guard in its regulatory filing.

The acquisition is in line with V-Guard’s strategy to become a significant player in the domestic kitchen appliances segment. SEPL has a pan India presence operating under its Sunflame brand.

Deloitte Touche Tohmatsu India, Cyril Amarchand Mangaldas and Singhi Advisors provided financial, legal and transaction advisory services respectively to V-Guard.

"The proposed acquisition is a key milestone in V-Guard's journey to have deeper engagement with its consumers by providing thoughtful products and experiences. Sunflame is an iconic brand etched in the memories of Indian households and is expected to provide significant thrust to V-Guard's plans to become a leading Indian Kitchen Appliances player. We appreciate the trust reposed by SEPL's Promoter family in us to take the Sunflame brand to greater heights," said Mithun Chittilappilly, Managing Director, V-Guard.

"We are proud of the Sunflame legacy, having won and retained the trust of our customers and partners for nearly four decades. Having started this journey in 1984, we have come a long way since then. V-Guard, a name synonymous with trust, is the right organization to take this legacy forward. We are confident that the Sunflame brand would scale even greater heights with V-Guard," said K. L. Verma, Managing Director, SEPL.

Shares of V-Guard Industries was up by 4.19 per cent at 259.80 at BSE.

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