Eveready Industries Forms Joint Venture With Universal Wellbeing
Eveready Industries India Limited (Eveready), a leading player in the consumer goods market has agreed to enter into a Joint Venture with Universal Wellbeing Pte. Limited to engage in the business of manufacturing/importing and marketing of fast moving consumer goods (FMCG) in India.
EIIL shall acquire 30% shares of the Joint Venture Company to be newly incorporated for the same. Balance 70% shall be acquired by Universal Wellbeing Pte. Limited.
Universal Wellbeing is one of the leaders in the FMCG market in South East Asia with an active presence in several countries. It is part of the Wings Group of Indonesia. It develops, manufactures and sells a wide variety of products in fabric and household care, personal care, skincare, and foods & beverages.
Eveready is the market leader in the domestic dry cell batteries and flashlights markets. It has a significant presence in the lighting market and also participates in the product categories of home appliances and packet tea. It has recently announced entry in confectionary items - a key strength area for Eveready is its vast distribution network, which reaches out to the smallest of the population in all corners of the country.
The new venture which is yet to be named, will market FMCG products using the respective strengths of its shareholders, viz., the product expertise of Universal Wellbeing and the distribution strength of Eveready.
Ms Annie An, Director, Universal Wellbeing, stated, "India presents with immense potential especially as the economy grows and per capita incomes rise, crossing certain thresholds. We believe with our experience in a number of categories in similar Emerging Markets combined with robust distribution of Eveready, we will be able to add value and improve lives of the Indian consumers."
Mr Amritanshu Khaitan, Managing Director, Eveready, stated, As I had mentioned sometime back that we are looking to scale up our FMCG play. With this Joint Venture, we will be able to unlock more value from our vast distribution network. We will be able to offer to the Indian consumer better products that are affordable yet of international quality."