Kurl-on

Sheela Foam Ltd, the maker of popular mattress brand Sleepwell, on Monday said it will acquire a 94.66 per cent stake in Kurlon Enterprises Ltd for Rs 2,150 crore. The company also said it will acquire a 35 per cent stake in online furniture firm House of Kieraya Pvt Ltd for Rs 300 crore. The company's board at its meeting held on July 17, 2023, has approved the acquisition of Kurlon Enterprise Ltd and House of Kieraya Pvt Ltd, Sheela Foam said in a regulatory filing. "The company is acquiring 94.66 per cent of KEL's (Kurlon Enterprises Ltd ) share capital at an equity valuation of Rs 2,150 crore, subject to customary adjustments for net working capital, debt and surplus cash, if any," it said. KEL deals mainly in the manufacture and marketing of foam and coir-based home comfort products across the 'sit and sleep' categories like mattresses, furniture cushions, pillows and coverings. It was established in 1962 as Karnataka Coir Products, part of South India-based Pai family busine

The company plans to achieve a turnover of Rs 1,500 crore by next year

Kurl-on is also planning to expand its retail presence across the north to 200 exclusive stores apart from its over 600 multi-brand outlets

The company is planning to strengthen its home website Kurlon.com and has tie ups with major e-commerce platforms such as Pepperfry and Urban Ladders

The new plant will see an investment of Rs 650 million in the first phase with a production capacity of 2,500 mattresses per day to start with