Eveready ties up with French firm for overseas ventures

Brij Mohan Khaitan's Eveready Industries India has signed a term sheet today with C G Holding of France for investing in an overseas joint venture.

The JV will acquire a controlling stake of Uniross SA, which is engaged in the business of manufacturing and distribution of rechargeable batteries and allied products. Eveready would have an 80 per cent stake in Uniross.

Deepak Khaitan, executive vice chairman and managing director, Eveready, said the move would mark a global presence for the company. Eveready also has a manufacturing base in China.

The transaction was subject to due diligence of Uniross SA and its subsidiary/group companies, receipt of all necessary regulatory approvals and finalisation and execution of the definitive legal and binding agreements, including shareholders' agreements.

Khaitan said, going forward, Eveready could include more products in the global markets. Eveready could push the other products in its portfolio – alkaline batteries, lamps, flashlights – through the Uniross distribution network.