India's Sheela Foam in talks to buy Furlenco - Mint

Sheela Foam

09/02/2023 04:15

BENGALURU, Feb 9 (Reuters) - Indian mattress maker
Sheela Foam  SHEF.NS  is in advanced talks to buy furniture
rental startup Furlenco, newspaper Mint reported late on
Wednesday, citing three people with knowledge of the matter.
    The enterprise value of Furlenco is being pegged at 5
billion rupees ($60.54 million), the report said, citing a
source, who added the company had been seeking financial
investors for some time.
    Discussions are at an advanced stage, and an announcement is
likely to come soon "if all conditions are met," the report
added, citing a second source.
    Sheela Foam is seeking inorganic growth opportunities in
both its core and non-core categories, the third person said
according to the report.
    The company and Furlenco did not immediately respond to
Reuters' requests for comments.
    In December, Sheela Foam was reported to be in talks to
acquire rival Kurlon for 20 billion rupees.
($1 = 82.5950 Indian rupees)
 (Reporting by Navamya Ganesh Acharya in Bengaluru; editing by
Eileen Soreng)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))