Usha Shriram starts hunt for investors including private equity firms

Usha Shriram Enterprises is in talks with several potential investors, including private equity firms to sell a part or whole of the unlisted company that manufactures lights, fans, cookware as well as other small appliances, several people with knowledge of the matter said.

Key bidders among private equity players include SAIF Partners, Actis Capital and Everstone Capital, said one of the people. Rivals Bajaj Electricals and Orient Electricals as well as battery and flashlight maker Eveready are among those who are bidding for its units rather than the entire company, said this person who didn't want to be identified.

The promoter is looking for a deal at an enterprise value of Rs 200 crore, said another person who also didn't want to be named. While talks are yet to reach a finalisation stage, a deal is imminent, this person said. "Talks with three potential buyers are quite hot," said managing director Anupam Bharat, confirming the discussions. He didn't provide details, directing further questions to Infuse Capital, which is handling the deal process. Akash Gupta, Infuse Capital's managing partner, declined to comment.

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