Eveready Industries India Ltd., (EIIL) the flagship company of the B.M. Khaitan family-controlled Williamson Magor Group, said in a regulatory filing that no definite decision had been taken on any strategic option with regard to sale of assets.
Responding to stock exchanges seeking a clarification on a report citing global major Duracell evincing interest in Eveready’s assets, the company said on Monday that as part of its business strategy, various strategic options, joint ventures and commercial arrangements involving the company were evaluated and considered.
“However, as of this time, no definite decision around any such possible option(s) has been made by the company,” it said. EIIL shares were volatile during the day, closing 5% lower. EIIL, like two other group companies, has also been facing debt-servicing pressure with a worsened debt-equity ratio in 2018-19.
‘Flat sales’
Best known for its battery business which accounts for half of its revenues, followed by flashlights, it has, over the years, diversified into LED lights, small home appliances and confectionery. It closed 2018-19 with flat sales and lower profit.
EIIL has mandated Kotak Mahindra Bank to scout for either a strategic or a financial partner. The company was seeking a valuation of about ₹4,000 crore, it is learnt.
