Monday , October 18 2021

Eveready Industries to exit packet tea business

Eveready Industries India has received approval from its board to enter into an Asset Transfer / Assignment / License Agreement with Madhu Jayanti International (MJIPL) for transfer and/or License of the relevant and other trademarks (valued at Rs 6 crore) relating to the packet tea products of Eveready, to MJIPL.

The company has for some time held view that its packet tea segment was not able to reach the desired scale and has had limited share of the packet tea market due to its inability to invest money behind its various brands. The proposed asset transfer agreement with MJIPL will positively impact the Company’s financials and also partially ease out its working capital position.

Eveready Industries India (formerly known as Union Carbide India) is engaged in the manufacture of dry cell batteries and flashlights. It also manufactures tea under the brands Tez, Jaago, Premium Gold and Classic and insect repellents under the brand Eveready Poweron. The company was founded in 1905 and is based in Kolkata, West Bengal.

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