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Will Hindware's New Restructuring create Shareholder Value This Time?
M & A Critique
|June 2025
Hindware Group has once again announced a major corporate restructuring—yet another chapter in its long history of reorganizations aimed at unlocking shareholder value.
Over the past decade, the group has undergone multiple cycles of demergers, consolidations, and realignments. However, these changes have yet to yield meaningful or sustained value creation. With the latest scheme of arrangement, the key question remains: Will this time be different?
Hindware Home Innovation Limited (“HHIL” or “Demerged Company” or “Transferor Company”) is a listed company having two distinct segments:
(i) Consumer Products Business, which inter alia comprises of kitchen appliance, consumer appliance, fixtures and fitting, offline retail, water heaters, carried through a joint venture company Hintastica Private Limited, and online retail undertaken through its wholly owned subsidiary i.e., Evok Homes Private Limited; and
(ii) Building Products Business, which inter-alia comprises of sanitaryware, faucets, tiles, other bath fittings, pipes, fittings and related building products. The Building Products Business is being carried out through its subsidiary, i.e., Hindware Limited.
In last 5-7 years, HHIL has undergone several group restructurings including:
- 2020: Starting of HHIL pursuant to the demerger of marketing/distribution businesses from HSIL into HHIL and Brilloca Ltd. (now Hindware Ltd.)
- 2022: Acquisition through slump sale of AGI Greenpac's Limited manufacturing operations to strengthen Building Products.
Name change from Somany Home Innovation Limited and Brilloca ltd to HHIL and Hindware Limited respectively.
Joint venture creation for water heaters.
2025: Fundraising via INR 250 crore rights issue to absorb losses.
EVOK- retail business started was shut down due to unsustainable losses.
Despite the consistent efforts, the HHIL failed to turn around its consumer product business and in pursuit of new initiatives, forgot to grow its core business.
Dit verhaal komt uit de June 2025-editie van M & A Critique.
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