The deal ends Hemang Shah’s 15-year entrepreneurial association with the business, which he helped build into a significant player in electrical switches and automation. The brothers, who hold equal stakes in GreatWhite Global, have fought over control for more than a year.
Edelweiss Alternative Asset Advisors (EAAA) financed the transaction through a structured finance deal.
EAAA India Alternatives funded it through India Special Assets Fund III, ISAF III Offshore Fund and Special Situation India Fund, according to the documents.
On January 29, ET reported a family agreement under which Hemang decided to transfer his 50% stake to his elder brother, Mehul Shah.
The company reported revenue of Rs 1,284 crore and earnings before interest, taxes, depreciation and amortisation (EBITDA) of over Rs 131 crore in fiscal 2025.
The Shah family launched GreatWhite Electricals after selling the Anchor switch brand to Panasonic (then Matsushita Electric Works) for around Rs 2,000 crore in 2007. The brand was launched in 2011, soon after Anchor Group’s non-compete agreement with the Japanese firm ended.
Disputes between the brothers over management and operations escalated into a legal dispute, with Hemang Shah approaching the National Company Law Tribunal in November 2024 and alleging oppression and mismanagement.
During the resolution process, Hemang Shah accepted a counter-bid from Mehul Shah’s family and opted to exit. The transaction ends the family conflict and places the company under a single ownership structure.
Munaf Virjee of AMR Law, DSK Legal and Fusion Capital Advisors, acted as legal and financial advisors to Hemang Jadavji Shah and his family, while ICICI Securities and Aditya Mehta and Shivani Garg of Cyril Amarchand Mangaldas advised Mehul Jadavji Shah and his family.
The matter has been settled out of court between the Parties and, taking note of the fact that nothing remains to be adjudicated in the present matter, this Bench allowed withdrawal of the Company Petition,” said the division bench of judicial member Sushil Mahadeorao Kochey and a technical member Prabhat Kumar in its order of October 9.
According to the India Brand Equity Foundation (IBEF), a body under the commerce ministry, country’s electrical equipment industry could witness significant expansion over the next decade, driven by rising domestic demand, rapid electrification, renewable energy deployment and growing export opportunities. The report, citing McKinsey & Company, said domestic electrical equipment production could rise from nearly Rs. 4.42 lakh crore (US$ 50 billion) in 2025 to Rs. 17.94-21.62 lakh crore (US$ 195-235 billion) by 2035.
The Anchor Group traces its roots back to 1963, when brothers Damjibhai and Jadavjibhai Shah founded it. Currently, Damjibhai’s sons, Atul and Sanjay, run a personal care and oral care business under the brand Anchor, while Jadavjibhai’s sons, Mehul and Hemang, manage businesses spanning real estate, paints, writing instruments, and electricals.