| The plant would have a capacity of 400 million batteries and two double A lines would be installed in phases and completed over 18 months. |
| Deepak Khaitan, vice-chairman and managing director, said the investment would be spread over two financial years. |
| The new plant would be a step forward to Eveready's vision of production of two billion batteries in four years. At present, the company has a capacity of 1.3 billion batteries and a market share of 46 per cent. |
| Khaitan said Eveready had a mind share of 73.2 per cent and, therefore, the potential of the brand was huge and the market share could also be increased. |
| The board of Eveready has been reconstituted post demerger of the tea business into McLeod Russel. |
| The company has inducted Diwan Arun Nanda of Rediffusion as a non-executive director. Suvomoy Saha has been appointed as a wholetime director and chief financial officer. R Srinivasan and R S Jhawar have resigned as directors of Eveready and would be joining the board of McLeod Russel. |
| Khaitan said the company was penning a three-year plan for its businesses. As part of the plan, Eveready was finalising other products for distribution, apart from its own products. The new products could complement its packet tea. |
| Khaitan said the company has shortlisted two products for distribution and would finalise it over the next 2-3 months. |
| The move would be in tandem with Eveready's growth plans. The company was eyeing a 15 per cent compounded annual growth rate for its batteries business, 35 per cent for packet tea and 25 per cent for packet tea. |
| Eveready has three packet tea brands, Jaago, Premium Gold and Tez and the company does not plan to add to its current portfolio of brands. |
| The Eveready scrip closed at Rs 81.90 on the Bombay Stock Exchange and at Rs 82.15 on the National Stock Exchange. |
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