A 100-year old successful Indian brand is up for sale at about $500 million: Report
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Evereadyis the top battery brand, available in Indiasince 1905
- Promoters reportedly plan to sell their 45% stake in the company
- The century-old brand is expected to find interest from both Indian and foreign suitors
Eveready, which has been synonymous with dry cell batteries in India for decades, is up for
Eveready has been selling products in India since 1905. It was incorporated as a company in 1934 and continued as a subsidiary of the US-based
The Kolkata-based Khaitans' business empire includes McLeod Russel, Kilburn Engineering, and McNally Bharat, other than Eveready.
Eveready, which the Khaitans bought for Rs 300 crore in 1993, had a revenue of ₹ $200
The sellers are likely to seek a price that would value Eveready at about $500 million. Investors in India cheered the promoters' proposal to exit and the
However, the company is burdened with piling up debt. Shrinking profit margin has not helped the promoter's cause. A factor that has halved the stock price by half over the last year, and is likely to weigh on the bids from potential suitors.
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