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| Eveready to take majority stake in European firm |
| Press Trust of India / Kolkata May 14, 2009, 20:42 IST |
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Battery maker Eveready Industries India said it will acquire a majority stake in France-based Uniross SA, for euro 10 million.
The total investment would be euro 10 million to acquire 80 per cent in the rechargeable battery company, which has a manufacturing base in China, Eveready Vice-Chairman and Managing Director Deepak Khaitan said.
In 2005, Eveready had taken over BPL's battery business for Rs 69 crore. In order to compete, the company was aiming for Chinese manufacturing capabilities.
Khaitan said the deal with Uniross SA. Would engage in manufacturing and distribution of rechargeable batteries and allied products and expects a workforce of 300 people.
The funding would be done in an equal mix of internal accruals and debt. The company will form a JV company or a SPV which would take 80 per stake in Uniross SA.
"Uniross SA and its subsidiary group companies have businesses spread over various parts of the world and it is felt that if the transaction is concluded, the company will be able to increase its market share and strengthen its position," Eveready said.
The company expects to complete the transaction by June this year would launch the Uniross brand in India.
In a filing to the Bombay Stock Exchange, the company also said it has entered into an agreement with another French firm, CG Holding to form a joint venture for securing the deal.
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