Everstone Group to buy Kenstar from the Videocon Group, after Crompton Greaves Consumer Electricals backed out.

As per a regulatory filing, in October Crompton Greaves Consumer Electricals (CGCE), had made a bid of Rs.1,400 crore to acquire Kenstar.

Later CG Consumer stated that, the company’s bid to buy Kenstar has expired and its validity has not been extended.

Everstone Group, will be entering into an exclusive agreement with the promoters of Videocon . Everstone has submitted Rs.1,300 crore bid for the company.

Further Videocon Group,which has a debt of Rs.43,000 crore, has decided to sell Kenstar to reduce its debt.

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