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Clarity on Willamson Magor Group restructuring in 6-9 months

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Press Trust of India Kolkata
More clarity regarding the ongoing restructuring of the Willamson Magor Group is expected over the next six to nine months, a top official said on Thursday.
Debt stress had led to invoking of a part of the promoters' pledged shares in the group companies by lenders.
"There has been leveraging at the promoters' level because of which some of the shares had been invoked. Overall restructuring in underway and in the next six-nine months, a clear picture would emerge about where each of the entities stand," Eveready Industries India Ltd (EIIL) MD & CEO Amritanshu Khaitan told shareholders at its AGM here.
The company is part of the Khaitan family-controlled Williamson Magor Group.
"The management is fully committed toward the company. We are working day in and day out to revive the profitability and balance sheet," he said.
At the company level, the dry-cell battery maker's debt is around Rs 550 crore.
Khaitan said the company is also deleveraging its balance sheet and expects to garner a total of Rs 250-300 crore from non-core assets, which primarily consists of real estate.
"We are focusing on core categories of batteries and flashlights," Khaitan added.

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First Published: Sep 26 2019 | 10:30 PM IST

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