<p>Indian mattress maker Sheela Foam Ltd will soon acquire competitor Kurlon for 20 billion rupees ($241.29 million), <em>ET Now</em> reported on Wednesday, citing sources.</p>.<p>Should the deal go through, Sheela Foam could command a market share of 35-40 per cent, <em>Moneycontrol</em> reported last month, quoting a person familiar with the planned deal.</p>.<p>Sheela Foam and Kurlon did not immediately respond to <em>Reuters'</em> requests for comment.</p>.<p>Sheela Foam, which sells the "Sleepwell" brand of mattresses, is the only listed mattress maker in the country.</p>.<p>The Ghaziabad-based company has a 25 per cent market share in the sector, according to a note by ICICI Securities. The brokerage pegs India's modern mattresses sector at 175 billion rupees.</p>.<p>Sheela Foam shares rose as much as 5 per cent to 1,338 rupees following the report.</p>.<p>News of the potential acquisition comes as Kurlon Chairman and Managing Director Sudhakar Pai is looking to hand over the reins, the<em> Moneycontrol</em> report added.</p>.<p>It also comes at a time when other industry players like Duroflex, Springwell and The Sleeping Co have raised money from private equity firms over the past few years, according to multiple media reports.</p>.<p>Kurlon's annual consolidated net profit has declined from 760.9 million rupees in fiscal year 2020 to 179.7 million rupees in fiscal year 2022.</p>.<p>Started in 1962 as Karnataka Coir Products Ltd, Kurlon currently has nine plants and 72 branch and stock points across India.</p>.<p>($1 = 82.8880 Indian rupees)</p>
<p>Indian mattress maker Sheela Foam Ltd will soon acquire competitor Kurlon for 20 billion rupees ($241.29 million), <em>ET Now</em> reported on Wednesday, citing sources.</p>.<p>Should the deal go through, Sheela Foam could command a market share of 35-40 per cent, <em>Moneycontrol</em> reported last month, quoting a person familiar with the planned deal.</p>.<p>Sheela Foam and Kurlon did not immediately respond to <em>Reuters'</em> requests for comment.</p>.<p>Sheela Foam, which sells the "Sleepwell" brand of mattresses, is the only listed mattress maker in the country.</p>.<p>The Ghaziabad-based company has a 25 per cent market share in the sector, according to a note by ICICI Securities. The brokerage pegs India's modern mattresses sector at 175 billion rupees.</p>.<p>Sheela Foam shares rose as much as 5 per cent to 1,338 rupees following the report.</p>.<p>News of the potential acquisition comes as Kurlon Chairman and Managing Director Sudhakar Pai is looking to hand over the reins, the<em> Moneycontrol</em> report added.</p>.<p>It also comes at a time when other industry players like Duroflex, Springwell and The Sleeping Co have raised money from private equity firms over the past few years, according to multiple media reports.</p>.<p>Kurlon's annual consolidated net profit has declined from 760.9 million rupees in fiscal year 2020 to 179.7 million rupees in fiscal year 2022.</p>.<p>Started in 1962 as Karnataka Coir Products Ltd, Kurlon currently has nine plants and 72 branch and stock points across India.</p>.<p>($1 = 82.8880 Indian rupees)</p>