French appliances maker Groupe SEB today said it is taking full control of domestic firm Maharaja Whiteline by acquiring the remaining 45 per cent stake of the promoter Harish Kumar and his family.
Groupe SEB had acquired 55 per cent stake in Maharaja Whiteline in December 2011 and post deal, it will hold 100 per cent stake, the French firm said in a statement.
"Maharaja Whiteline is pleased to announce that an agreement has been finalised with France's Groupe SEB, which will acquire the remaining 45 per cent stake of Maharaja Whiteline," the statement said.
However, it has not shared the value of the deal.
Groupe SEB has appointed its Vice President Eurasia Martin Zouhar as Chairman and Managing Director of Maharaja Whiteline, it said.
"This full acquisition confirms Groupe SEB's ambition to expand in India and significantly develop Maharaja Whiteline," the statement further added.
Groupe SEB's objective is now to quickly accelerate Maharaja Whiteline's growth through innovative products, good customer care support and improved distribution network.
Groupe SEB had turnover of Rs 35,000 crore in 2013 and is a world leader in small domestic equipment with operations in around 150 countries with 25,000 employees.
It has brands as Moulinex, Krups, Rowenta and Tefal under its portfolio and sells around 200 million products a year.
Started in 1976 Maharaja Whiteline is known for its mixer grinders and presence in the northern and western India. It has a network of 500 distributors and a plant in Baddi, Himachal Pradesh.
