India Digest: Duracell may acquire Eveready; IVRCL up for sale

Duracell has pipped rival Energizer Holdings to acquire Eveready Industries’ battery and flashlight business. In another development, IVRCL Limited has invited expression of interest (EoI) from prospective bidders for sale.

Duracell emerges as highest bidder for Eveready

Duracell Inc, owned by Warren Buffett’s Berkshire Hathaway, has pipped rival Energizer Holdings to acquire Eveready Industries’ battery and flashlight business, The Economic Times reported.

The transaction includes manufacturing plants, distribution network and the Eveready brand, and is pegged at about Rs 1,600-1,700 crore. As part of the deal, the American company will only own the Eveready brand in India.

Eveready is expected to use the sale proceeds to pare debt.

IVRCL on block, invites EoI from bidders

The liquidator of IVRCL Limited has invited expression of interest (EoI) from prospective bidders for sale of the city-based infrastructure company as a going concern, per an announcement.

“It is informed that the e-auction shall be scheduled on 4 October. The qualified bidders who meet the eligibility criteria can participate in the e-auction by bidding for at least the reserve price of Rs 1,654.47 crores subject to the terms of the e-auction process information document,” IVRCL said in a notice on its website on September 5.