PE firm Everstone Group to acquire Kenstar from debt-ridden Videocon

The Videocon group is reeling under debt of over Rs 40,000 cr, has been looking for buyers for its various assets

Private equity firm Everstone Group on Monday said it had agreed to buy home appliances brand Kenstar from debt-ridden Videocon group.

The Videocon group, which is reeling under a debt of over Rs 40,000 crore, has been looking for buyers for its various assets, including Kenstar, in a bid to pare its debt.

"Everstone Group (Everstone) has agreed to buy Kenstar," the company said, adding the sale includes the purchase and transfer of the brand and businesses under the brand on a going concern basis including a state-of-the-art manufacturing facility, as well as assets from Century Appliances Ltd (an associate of the