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Warren Buffett. (Subir Halder/India Today Group/Getty Images)
Duracell, backed by Warren Buffett’s Berkshire Hathway, is likely to compete against its US-based rival Energizer Holdings to acquire Eveready Industries that has been put for sale, reports Economic Times (ET).
Duracell is the leading battery brand in the US, followed by Energizer.
Energizer already owns the Eveready brand in China and the US. Apart from global private equity firms like Blackstone and KKRas, domestic funds like Kedaara are also expected to bid for the much-valued battery brand in India.
Eveready, with a company history of more than a hundred years, is the undisputed leader in India’s batteries market, commanding over 50 per cent of the market share while also holding over 75 per cent of India's organised flashlights market.
Williamson Magor & Co Limited, the promoter company which holds a 45 per cent stake in Eveready, is controlled by the Khaitan family.
With over Rs 1,000 crore of debt at the group holding company, the Khaitan family has appointed Kotak Mahindra Bank to initiate a formal auction process to shortlist a buyer for Eveready.
Not-so-strong Finances
In November 2018, Eveready reported a net profit of Rs 24.66 crore for the quarter, which was 32 per cent less than the corresponding from last year. Net sales of the company for the September quarter were Rs 383.49 crore, less than the Rs 398.25 crore reported in the same period in 2017.
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