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The country’s largest dry cell battery maker Eveready Industries has entered into a joint venture with Indonesia-based MNC Universal Wellbeing to foray into FMCG business here.
Eveready Industries will hold 30 per cent stake in the proposed joint venture; while Universal Wellbeing Pte – part of the Wings Group – will hold the remaining 70 per cent. The yet to be named JV will market FMCG products.
Universal Wellbeing is a major player in the FMCG space in Southeast Asia. It manufactures and sells a range of fabric, household care, personal care, foods and beverages. Offerings are mostly in the mass range.
“By March, other details relating to the JV will be finalised,’ Amritanshu Khaitan, Managing Director of Eveready Industries said.
Khaitan had in an earlier interview to BusinessLine indicated that the company was eyeing joint ventures (JVs) with South East Asian FMCG majors in food and personal care space.
The joint venture will allow the Indonesian MNC to leverage Eveready’s deep distribution network that has been built through its core operations in the battery and flashlight business.
Eveready reaches out to one million outlets directly, available across 4 million outlets and has a distributor network of 4000. This includes a strong presence in rural India.
“With this joint venture, we will be able to unlock more value from our vast distribution network. We will be able to offer Indian consumers better products that are affordable, yet of international quality,” Khaitan added.
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