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Williamson Magor Group company Eveready Industries is likely to enter into a joint venture with group entity and the world’s largest tea producer, McLeod Russel, for development of its packet tea business. The development will be through a separate entity.
According to a press release from Eveready, “the company will initiate discussions with McLeod for participating in a joint venture as a strategic business partner for development of the packet tea business through a separate entity”.
The alliance will enable McLeod have direct access to the ₹10,000-crore packet tea market, while consumer goods company Eveready will be able to upscale its FMCG operations.
Financial performance Meanwhile, McLeod Russel reported a standalone net loss of ₹108 crore for the January-March quarter of FY17. Losses pared by 8 per cent compared to ₹118-crore loss reported in the year-ago-period. Net sales increased by over 13 per cent to ₹354 crore. McLeod has declared a dividend of ₹0.25 on every equity share of face value ₹5.
Eveready Industries reported an over 11 per cent increase in net profit to ₹10 crore in Q4 as against ₹9 crore in the corresponding quarter. Profit before tax during the period improved 43 per cent on a YoY basis to ₹11 crore.
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