Rakesh Jhunjhunwala To Pick Up Significant Stake In Syska Led

Rakesh Jhunjhunwala To Pick Up Significant Stake In Syska Led

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Ace investor Rakesh Jhunjhunwala is all set to pick up a significant stake in the top lighting solutions firm Syska LED, souces told CNBC TV18 on Monday.

The development comes days after it was reported that Syska LED has entered into negotiations with Crompton Greaves Consumer Electrical (CG Consumer) with the latter eyeing an acquisition to beef up its lighting portfolio.

CG Consumer was in an advanced stage of talks to buy the Syska LED Lighting business, CNBC TV18 reported on July 23, with sources adding that the negotiations were going on around Rs 2,000 crore of deal value.

CG Consumer’s share price stayed flat in the past month but has risen 11 percent in the past six.

Syska Led Lights Private Ltd is part of Pune-based SSK Group, which is a key distributor for Samsung phones in India.

Meanwhile, the airline venture promoted by billionaire investor, Akasa Air, has received the no-objection certificate (NOC) from the Civil Aviation Ministry and the Directorate General of Civil Aviation (DGCA) and now aims to commence flight operations by the end of 2021, CNBC-TV18 learnt on August 4.

The upcoming airline has been in the works since the end of 2020 and former Chief Executive Officer of Jet Airways and GoAir, Vinay Dube, is expected to play a key role in the airline. CNBC-TV18 had exclusively reported in March 2021 that Dube plans to start a domestic airline in 2021 with five aircraft initially.

Mumbai-born Jhunjhunwala, who belongs to the Jhunjhunu district of Rajasthan, is a chartered accountant. He manages his own portfolio as a partner in his asset management firm Rare Enterprises and is often referred to as India’s own Warren Buffett.

The Big Bull of Dalal street is known to be an investor with a Midas touch and thereby, his sudden interest in Indian aviation has surprised many and also made many curious about his plan.

 

(Edited by : Aditi Gautam)

First Published: IST

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