Ace investor Rakesh Jhunjunwala's Rare Enterprises and its partners have signed a term sheet to invest in Syska LED Lights Pvt Ltd, signaling long-term partnership and growth prospects for the FMEG company.
Mumbai: Rakesh Jhunjhunwala's Rare Enterprises, along with its partners, has finalized a term sheet to invest in Syska LED Lights Pvt Ltd, a company promoted by the Uttamchandani family. According to the agreement, approximately 15% of the funds have already been deployed, with the complete transaction expected to be concluded within the next 60 days. The financial specifics of the deal remain undisclosed.
Rakesh Jhunjhunwala, Partner at Rare Enterprises, expressed his enthusiasm for the investment, stating, "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 of Syska Group, also commented on the collaboration, saying, "Syska Group has been on a consistent growth trajectory, and we are poised to achieve new business milestones in the coming years. With the blessings of our Guru, we believe this collaboration with Rare Enterprises will support our organization 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."
The Syska Group, which began as Guru Nanak Marketing involved in the distribution of T-series audio cassettes, CDs, and audio-video systems for Maharashtra, has since diversified into various electronic product categories, including LED lighting, personal care appliances, mobile accessories, and home appliances.
This investment marks a significant step for Syska, potentially boosting its market presence and innovation in the competitive electrical goods sector. Rakesh Jhunjhunwala's backing further validates Syska's growth potential and strategic direction.
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