Eveready Industries announces joint venture with Wings Group, Indonesia

Eveready Industries India Ltd. (EIIL), the leading player in the consumer goods market has agreed to enter into a Joint Venture with Universal Wellbeing Pte. Ltd. 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. Ltd. 

Universal Wellbeing is one of the leaders in the FMCG market in South East Asia with active presence in several countries and 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 and beverages. 

Speaking on the occasion, 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.” 

Eveready is the market leader in the domestic dry cell batteries and flashlights markets. It has significant presence in the lighting market and also participates in the product categories of home appliances and packet tea and has recently announced entry in confectionery items. A key strength area for Eveready is its vast distribution network, which reaches out to the smallest of population in all corners of the country.

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.”