AFTER FAILING TO REVIVE the business for years, the Kolkata-based Khaitan family may finally have to part ways with Eveready Industries, the maker of eponymous batteries that are pretty much ubiquitous in India, and which once used to be the crown jewel for the diversified group. With the Competition Commission of India clearing the takeover bid by the Burman family, the beleaguered dry cell battery maker is now closer to having a new owner.
The Delhi-based Burman family, which already has interests across fast moving consumer goods (FMCG), quick service restaurant chains and financial services, has lined up five group companies and a financial advisory firm to take control of Eveready. While the Burmans already own 19.85 per cent of the company, three of their group entities Puran Associates Private Limited, VIC Enterprises Private Limited and M.B. Finmart Private Limited have been placed at the forefront of this deal as acquirers. Additionally, Gyan Enterprises Private Limited and Chowdry Associates are the persons acting in concert (PAC). These five together are expected to take 26 per cent shares of Eveready against ₹605 crore. Further, JM Financial, which is managing the proposed deal, is also planning to take 5.26 per cent ownership on behalf of the Burman group.
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