Last updated : January 25, 2018 11:13 am
The new venture, which is yet to be named, will market FMCG products using the respective strengths of its shareholders, viz.,the product expertise of Universal Wellbeing and the distribution strength of Eveready.
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.”
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.”