Eveready Industries India Ltd (EIIL) has agreed to enter into a joint venture with Universal Wellbeing Pte Ltd, to engage in the business of manufacturing, importing and marketing of fast moving consumer goods (FMCG) in India.
EIIL shall acquire 30 per cent shares in the JV company to be newly incorporated for the same and balance 70 per cent shall be acquired by Universal Wellbeing Pte Ltd, the company said in the statement.
Universal Wellbeing, part of the Wings Group of Indonesia is one of the leaders in the FMCG market in South East Asia with active presence in several countries.
More From This Section
Eveready, dry cell maker has recently announced entry in confectionery items.
The new venture, which is yet to be named, will market FMCG products using the respective strengths of its shareholders, the product expertise of Universal Wellbeing and the distribution strength of Eveready.
"India presents with immense potential especially as the economy grows and per capita incomes rise, crossing certain thresholds. We believe with our experience in a number of categories in similar emerging markets combined with robust distribution of Eveready, we will be able to add value and improve lives of the Indian consumers," Universal Wellbeing director Annie An said.
Disclaimer: No Business Standard Journalist was involved in creation of this content