Sheela Foam in talks to buy furniture rental Furlenco: Report

Discussions are at an advanced stage, and an announcement is likely to come soon "if all conditions are met", the report said

Indian mattress maker Sheela Foam 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 Rs. 500 crore, 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 Rs. 20 billion.