Dry cell battery maker, Eveready Industries India Ltd. (EIIL) has decided to buy into a French company engaged in manufacturing and distributing rechargeable batteries and allied products. This would be the company’s first overseas acquisition, if the transaction is completed, a senior company official said.
Making the announcement, company Executive Vice-Chairman and Managing Director Deepak Khaitan said that EIIL had signed a term sheet agreement on Thursday with CG Holding of France for investing up to 10 million euro in an overseas joint venture or special purpose vehicle, which would acquire a controlling stake of minimum 80 per cent of the share capital of Uniross SA.
Eveready made a turnaround this year reporting a Rs. 19.40-crore net profit against a Rs. 19.30 crore loss in 2007-08 on flat sales which resulted in a turnover of Rs. 860.40 crore in 2008-09 against Rs. 851.60 crore in 2007-08.
Although the price of its key input zinc eased, the company was impacted by the depreciating rupee.
Source: The Hindu