Rakesh Jhunjhunwala to Pick Stake in Syska LED

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The news has broken at a time when there are rumours of Crompton Greaves acquiring Syska LED are doing rounds of several media houses

Rakesh Jhunjhunwala, known as one of the big bulls of share market in India, is rumored to be picking a strategic stake in the homegrown lightning company Syska LED. First reported by CNBC TV 18, the ace investor might have already signed a memorandum of understanding with Syska LED.

The news has broken at a time when there are rumours of Crompton Greaves acquiring Syska LED are doing rounds of several media houses. The former with the acquisition might be looking to beef up its portfolio in the lightning vertical.

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It was reported earlier that Crompton Greaves and Syska LED were on the verge of striking an acquisition deal at around Rs 2,000 crore value. HDCF Bank, as per another media report, has launched discussions for potential sale of Syska in order to help the latter recover from debts.

Syska Group in November 2020 had signed up Bollywood actor Rajkumar Rao as its brand ambassador. The company, as per a official statement it had releases at that time, was looking to start campaigning its products in tier 2 and tier 3 cities.

The company had also won a tender to supply 10 million LED bulbs to rural areas in India under Energy Efficiency Services Ltd’s subsidiary Convergence Energy Services Ltd (CESL) Gram Ujala Scheme.

Syska LED Lights Private LTD is also a key distributor of Samsung phones in India.

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