Jan 24: Kolkata-based Eveready Industries India Ltd (EIIL), a leading player in the consumer goods market, on Wednesday informed that it has agreed to enter into a Joint Venture with Universal Wellbeing Pte Ltd, a leading Asian MNC and a part of Wings Group of Indonesia, 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,” the company said in a statement.
According to the company, 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.
Speaking on the occasion, Amritanshu Khaitan, Managing Director, Eveready, said, “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.”
According to Annie An, Director, Universal Wellbeing, “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 Inidan consumers.”
Universal Wellbeing is a leading player in the FMCG market in South East Asia with active presence in several countries. It develops, manufactures and sells a wide variety of products in fabric and household care, personal care, skincare, and foods & beverages.