India’s largest dry cell battery manufacturer, Eveready Industries, has entered into a joint-venture agreement with Indonesia-based leading consumer goods MNC Universal Wellbeing, foraying into the FMCG business in India, as reported by Business Standard and Mint.

The joint-venture will also see Eveready acquiring 30% shares of the newly-formed venture, which will have an initial paid-up capital of Rs 25 crores with the remaining 70% being acquired by Universal Wellbeing, as per a press release by the BSE.

Khaitan & Co advised Eveready Industries India in the structuring, finalising and in certain miscellaneous SEBI compliance issues in relation to formation of the joint venture, and was represented by partner Padam Khaitan, associate partner Supratim Chakraborty, senior associate Prithwijit Gangopadhyay and associate Nikita Bhuwania.

Singapore-based Shook Lin & Bok represented Indonesian FMCG major Universal Wellbeing in the noteworthy transaction.

Part of the Wings Group of Indonesia and a leading FMCG player Southeast Asia, Universal Wellbeing, manufactures and sells a range of fabric, household care, personal care, foods and beverages. The press release also stated that the yet to be named JV shall be marketing its products using the product expertise of Universal Wellbeing and is expected to unlock more value from Eveready’s vast distribution network, offering the Indian consumer better products that are affordable yet of international quality.

2018-01-24

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