HDFC Bank has launched preliminary discussions to evaluate a potential sale of top LED lighting solutions firm Syska Led Lights Private Ltd, in a bid to recover debt, multiple people with knowledge of the matter told Moneycontrol. The move comes on the back of the government encouraging domestic manufacturing of lighting solutions and planning a PLI (production-linked incentive) scheme for LED lights as part of the Atmanirbhar Bharat initiative. Syska Led Lights Private Ltd is part of Pune-based SSK Group, which is a key distributor for Samsung phones in India. "Syska Led's business was hit due to the outbreak of COVID-19 and HDFC Bank as lead lender is now trying to find a buyer for the firm due to its debt burden. Alternatively, the firm may also explore a fund raise through the private equity route by selling a minority stake, though this has been attempted earlier," said one of the persons cited above. Moneycontrol could not independently verify the exact indebtedness of Syska Led. Another person privy to the talks said early feelers have been sent to strategic suitors for the proposed deal. “Though this transaction, an existing player in the segment can use Syska Led's wide retail distribution… Read full this story
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