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Williamson Magor Group's non-executive vice-chairman Deepak Khaita, the eldest son of Brij Mohan Khaitan and the architect of restoring the group's famed status as world's largest bulk tea producer, breathed his last today after prolonged illness. He is survived by his wife Yashodhara Khaitan, son Amritanshu Khaitan and daughter Nitya Bangur. He was 59 years old.
A couple of years ago, Brij Mohan had reminisced that Deepak was responsible for bringing George Williamson, the London end of the partnership, back into the group in 2004. The move had put the Khaitan group and its plantation company, McLeod Russel India, back on the global tea map as the world's largest bulk tea producer.
George Williamson was a company controlled by the Magor family, but managed by the Khaitans.
In 2001 Khaitan and Magors split and with it went some of the best estates under George Williamson Assam and consequently a sizeable production from the group portfolio.
Four years later, courtesy Deepak Khaitan, the wheel turned a full circle when the Khaitans bought out the Magor family stake from George Williamson Assam. The deal happened at a time most companies like HUL and Tata Tea were paring exposure in plantations.
It made business sense to acquire the plantations, widely considered to be the best in industry, but anyone who knows Deepak Khaitan would say, it was an emotional decision that paid off.
Though always at the helm of the group's battery business, Eveready Industries India Limited (EEIL), Deepak's passion for the plantations stemmed from an engagement that dated back to his early days; he had lived in two of Magors' estates and it was here that he learnt the ropes of tea business.
EIIL became a part of the Khaitan group through McLeod Russel in the latter half of 1994 following the sale of Union Carbide Corporation's stake in UCIL.
Primarily, a battery company, Khaitan brought packet tea brands under the Eveready portfolio to leverage its distribution network.
At the time of acquisition, its battery production capacity was 450 million pieces per annum. Currently, however, Eveready happens to be one of the largest manufacturers of dry cell batteries selling about 1.2 billion units.
The Khaitan group's key businesses are the battery business under Eveready and plantations under McLeod Russel, which was demerged from EIIL in 2004.
Following his prolonged illness, Deepak Khaitan stepped down from his executive role in 2011, but has left behind a profit making company in Eveready, once steeped in debt, and a world leader in McLeod Russel.
