Japanese firm to retain Camlin, Camel brands.India’s favorite stationary and art brand is set for a strategic makeover.
The Dandekar family, the promoter of Camlin Ltd, has decided to offload a lion’s share of its stake to Japan’s Kokuyo Co Ltd, according to two independent sources aware of the development. Kokuyo is a 100-year-old stationary, furniture and design group with a $3-billion annual turnover.
The 80-year-old Camlin is known for pencils, pastels, inks and geometry boxes. It has 2,000 products, from pencils and paint brushes to pastels, pens and permanent markers.
Kokuyo, listed on Japan’s exchanges, will get a 51 per cent stake in Camlin through a series of staggered transactions.
Dilip Dandekar, Camlin chairman & managing director, denied any plan to sell the company. “The information is not true. I would like to confirm that there is no such proposal,” he said. Mails to Kokuyo in Japan did not generate a response.
However, sources said the talks were in final stages and an announcement was expected in mid-May.
src-BS
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