Leading consumer Durables Company Bajaj Electricals is set to acquire a majority stake in Nirlep Appliances, the non-stick cookware company, according to a company statement.
Bajaj Electricals has proposed to acquire the entire shareholding of Nirlep for a consideration of Rs.42.50 crore, subject to adjustments of any additional liabilities for the period prior to acquisition, it said. Subsequent to the proposed acquisition, Nirlep will become a wholly owned subsidiary of thecompany.
Bajaj, a publicly listed company with current market capitalization of around Rs.5,500 crore and revenues of over Rs.4,700 crore, is the leading small appliances company with a pan-India presence. Nirlep, launched in 1968, is the pioneer in non-stick technology in India.
Mumbai based investment bank Singhi Advisors was the financial advisor to the transaction.
The proposed acquisition will make available a running business setup and other synergic benefits to Bajaj Electricals. It shall also give the company an exclusive access to Nirlep brand, the state of art manufacturing facility, people, distribution network, and intellectual property rights, the statement added.