NEW DELHI: India's famous and legendary battery company Eveready is now going to go overseas. The company is now being sold. And the person who bought it is counted among the richest people in the world. Duracel Inc. is going to buy Eveready, a Berkshire Hathaway-owned company owned by Warren Buffet. Buffet's company is going to buy Eveready for about Rs 1,600-1700 crore in a slump sale. Slump Sale transfers ownership of more than one undertaking in lieu of lump-sum price.
According to a newspaper report, the two companies have also reached an agreement on the deal. Those involved in the case say the deal is in the final stages and a formal announcement will be made soon. In addition, people say the deal includes Eveready's manufacturing plants, distribution network, and Eveready brand.
There was a tough fight between the two US companies to buy the Indian giant. The match was between Berkshire Hathaway and Innerzer Holdings. The company is under debt. The deal will help the company repay the debt. The company has a debt of about Rs 700 crore. Eveready has borrowed from several other sources including UCO Bank, HDFC Bank, ICICI Bank, RBL, IndusInd Bank. The company manufactures 1.5 billion batteries every year.
People of this state pay the highest taxes on petrol and diesel across the country
Union Minister Paswan appeals this to the Ministry of Commerce
