Eveready stake sale crucial for Khaitan group to put its house in order

Battling debt problems is not exactly new for the group. In 2000, Eveready had run up a debt of more than Rs 600 crore

In 1993, Brij Mohan Khaitan snapped up Union Carbide India (now known as Eveready Industries India), pipping the Wadias of Bombay Dyeing in a $96.5-million deal or about Rs 300 crore, in what was the biggest corporate takeover in India at that time. More than two decades later, that prized asset has been put on the block to deleverage group debt.

As on September, the debt within the group with interests ranging from batteries, tea and engineering, was at around Rs 4,500 crore. 

To put the house in order, McLeod Russel India, the bulk tea producer from the Khaitan stable, has been