India Digest: Promoter may sell Eveready; Grover Zampa eyes USL, HCC wine assets

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The promoters are looking to sell their stake in Eveready Industries, while winemaker Grover Zampa is close to acquiring the wine assets of USL and HCC.

Eveready promoters look to sell co

BM Khaitan-led Williamson Magor is looking to sell its battery brand Eveready Industries, which is likely to trigger an auction process, said a source-based Times of India report.

The promoter owns 45 per cent of the listed firm and is said to have mandated Kotak Mahindra Bank for the potential sale.

“Ideally, they (promoters) would like to sell around 30% stake and retain 10-15%,” said one of the sources cited in the report, adding that an outright sale was an option only if holding onto minority ownership was not feasible.

Winemaker Grover Zampa to acquire USL, HCC wine assets

Local winemaker Grover Zampa Vineyards is said to be close to acquiring wine assets of United Spirits (USL) and Hindustan Construction Company (HCC) for Rs 67 crore.

According to a Times of India report quoting sources, the deals will help Grover Zampa strengthen its position in the domestic market that is currently dominated by Sula Vineyards.

Sula sells over a million cases a year, while Grover Zampa sells 260,000 cases annually.

Grover Zampa (originally Grover Vineyards) was founded by Kanwal Grover in 1988. In 2012, it was merged with Vallee de Vin, owner of the Zampa brand.

It was recently reported that Grover Zampa was planning to raise around Rs 130 crore from Singapore-based wine investor Ravi Viswanathan, Quintela and AVT Group.

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