Turner Morrison Buys Inalsa Appliances Wing

The city-based Inalsa Ltd is selling off its home appliances division to Turner Morrison.

Under the deal, Inalsa will transfer all its home appliance products such as food processors, mixer-grinders and cooking ranges, their brandnames and employees of the division to the Amit Judge-promoted Turner Morrison.

The other products under the Inalsa umbrella include toasters, electric cookers, juicers and OTGs.

The financial details of the sell off deal could not be ascertained immediately.

Deepak Singh, managing director of Inalsa, said a transaction has been entered into with Turner Morrison by which his company will hive off the home appliances division into a separate unit and then divest its entire stake in favour of Turner Morrison.

 

He, however, refused to divulge the financial consideration Inalsa will get from the sell off. Inalsa posted a turnover of about Rs 130 crore last fiscal. Out of this, about 50 per cent came from the home appliances business.

The Turner Morrison group has diversified business activities including readymade garments and paints.

Its garments portfolio includes the famous Rene Lacoste brand of tee shirts. Turner Morrison used to manufacture readymade shirts for the medium and lower ends under the Stencil brandname.

It, however, sold off the Stencil facility to Shamken Cotsyn Ltd some time back.

After the hiving off of the home appliances business, Inalsa will be left with its engineering division which comprises engineering components, auto components and deep-well pumps.

Inalsa has a significant presence in the industry pipes arena including high-pressure and hydraulic hoses.

Besides selling in the domestic market, the company also exports these products to several overseas markets.

It also exports bicycle components for high-speed racing and mountaineering bikes.

Singh said the selloff follows Inalsa's decision to focus on its engineering division and expand in this segment. The proceeds from the sale are expected to be used for expansion.

Inalsa is also into the business of manufacturing and marketing products in the commercial-refrigeration segment through two joint venture companies with separate Italian firms.

While its venture with Framec manufactures cold storage systems and deep freezers for commercial use, its second foray is into commercial ice machines targetted at the hotel industry.