Eveready Industries India will be a debt free company in the next 2-3 years, vice chairman, Deepak Khaitan said.
“We can offload some land parcels and clear the debt. But land prices are on the softer side now,” Khaitan said, following the annual general meeting of the company. As of now, the debt on Eveready’s books at a little more than Rs 200 crore.
As part of cost cutting initiatives, Eveready has restructured its French subsidiary. “Uniross should break-even this year, but with the crisis in Europe, one is not too sure,” Khaitan said.
Eveready has an 80 per cent controlling stake in Novenor SAS, France, which in turn controls Uniross SA, a French company which along with its subsidiaries is engaged in the manufacturing and marketing rechargeable batteries and allied products, having a presence in several parts of the world.
The subsidiary was acquired a couple of years back with a view to beefing up presence in the export markets. Uniross was facing serious problems at that time.
