Private equity firms may invest in consumer durables retailer Viveks

Chennai-based consumer durable retailer Vivek’s may invite private equity companies to offer a part of its equity to fund expansion plans. Company executives say that private equity players will be roped in before the chain goes in for a public listing by 2007-08. Vivek’s has 54 stores across Tamil Nadu and Karnataka and intends to tap the growing durable retail markets in other southern states like Andhra Pradesh and Kerala.

The company plans to open 100 stores in South India in the next three years. Vivek’s has three retail brands — Vivek’s, Jainsons and Premier — in its portfolio. In March 2006, the company clocked turnover of Rs. 330 crores and is expected to touch Rs. 400 crores by March 2007.

Read the article from Business Standard.

AIG Capital picks up majority stake in Vivek Hire Purchase

American financial services giant AIG Capital Corporation, through its wholly-owned subsidiary has acquired a 75% stake in Chennai-based Vivek Hire Purchase and Leasing (VHPL) Limited for an undisclosed sum. VHPL is an unlisted NBFC promoted by Vivek Limited, one of India’s leading consumer durables retailers. VHPL provides financing for consumer durables bought from Vivek outlets, and going ahead under the new management, could broad-base its product offerings by getting into areas such as automobile, personal and home finance.

Read more about this news from The Hindu.