Eveready plans to sell tea factory assets

The resolution was passed on May 10 this year by the board; company's shareholders were informed about it Monday

Kolkata-based electrical equipment company Eveready Industries India passed a board resolution to look at a potential sale of assets belonging to its tea- division.

The company informed its shareholders of the same on Monday.

 “…the Board of Directors of the Company have proposed to obtain the consent of the Members by way of an Ordinary Resolution…for sale/ transfer/disposal of the building and other assets of the Tea Blending and Packaging Factory at Chuapara, by way of Postal Ballot,” said a notification on the exchange websites.

The resolution was passed on May 10, 2013.

Eveready is largely involved in the production of batteries and lighting solutions, but is also in the tea business.

It has a portfolio comprising ‘dry cell batteries (carbon zinc batteries, rechargeable batteries and alkaline batteries), flashlights (torches), CFLs (Compact Fluorescent Lamps) and packet tea,’ according to  the company’s website.

The company employees 2627 people and has annual sales of Rs.925.3 crore, according to its website.

The company had earlier announced a hike in the price of its full range of pencil size batteries in April.

The stock was down 0.84% on the BSE, trading at Rs.17.8 at the times of writing.