ICCK

Leading consumer durables company Bajaj ElectricalsNSE 0.17 % 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 the company.

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.

Read More : https://economictimes.indiatimes.com/news/company/deals/bajaj-electricals-to-acquire-nirlep-appliances/articleshow/64603852.cms