Biking Eveready Battery Company


A 100-year-old Mumbai-based manufacturer of torch and battery maker Avverdi is going to be sold. Company promoter BM Khaitan has decided to sell 30 per cent of his 45 per cent stake. It is the country’s largest dry cell battery maker.
Khaitan has selected Kotak Mahindra Bank to sell stake in the company owned by William Mason. The shares of the company climbed 18 per cent from this news. The company has taken this decision because its sale has become quite sluggish. The company, which was started by Union Carbide India in 1905, was bought by Khetan family in 1990. However, for this, the Khaitan family had to fight a long battle in the court from Nusli Wadia of Bombay Dyeing.
Rs 300 crore has become Eveready. But now its share price has remained halfway above last year and the market capitalization is Rs 1,350 crore. Every year, Eveready sells over 1 billion 20 million batteries and 2.5 million flashlights.