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Rakesh Jhunjhunwala-backed Rare Enterprises and its Partners have signed a term sheet to invest in Syska LED Lights, promoted by the Uttamchandani family.
In accordance with the terms of the signed term sheet, about 15 per cent of the funds have been deployed already. It is expected that the transaction should conclude in the next 60 days. The financial details of the deal have not been disclosed yet.
Rakesh Jhunjhunwala, Partner – Rare Enterprises, said, “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.”
Govind Uttamchandani, Director, Syska Group, said, “Syska Group has been on a consistent growth trajectory and we are poised to achieve new business milestones in the coming years. We believe this collaboration with Rare Enterprises will support our organisation 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.”
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