Crompton Greaves in queue to buy Kenstar from Videocon
Electrical appliances maker Crompton Greaves Consumer Electricals Ltd on Friday said it has submitted a bid for the acquisition of home appliances brand Kenstar from debt-laden Videocon Group.
The company submitted a bid on 20 September as an expression of interest for the acquisition of Kenstar business and Kenstar brand, Crompton Greaves said in a regulatory filing. It further said the submission is in response to invitation received by the company from Videocon Industries Ltd and their affiliates through invitation letter dated 6 September.
Kenstar, a subsidiary of the Videocon group, makes kitchen appliances, TVs, air conditioners, air coolers and health appliances.
The price of the bid was, however, not disclosed by the company. The result of the bid process have not yet been announced, the company said, adding that no binding transaction documents have been executed between the company and the sellers and there have been no negotiations so far.