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Eveready eyeing FMCG acquisition at Rs150-200 crore

Eveready eyeing FMCG acquisition at Rs150-200 crore
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First Published: Fri, Feb 05 2010. 04 16 PM IST
Updated: Fri, Feb 05 2010. 04 16 PM IST
Kolkata: Indian battery maker Eveready Industries India Ltd plans to acquire a fast-moving consumer goods company for Rs150-200 crore, a top official said on Friday.
“We are looking to acquire a company in the FMCG segment. Our team is working on it and we are in talks with some companies,” managing director Deepak Khaitan told Reuters over the telephone.
“Size we are looking at is at around 150-200 crore,” he added. “We are ready to go alone, or if some attractive proposals come up, we are also open for a joint-venture.”
The acquisition will be funded through internal accruals, Khaitan said without divulging further details.
If the deal materialises, it would be Eveready’s second acquisition in last 12 months after it bought an 80% stake in France-based rechargeable battery maker, Uniross SA, through an overseas joint venture in May 2009.
The other partner in the venture was France-based CG Holding and Eveready’s investment was around 10 million euros, he said.
Meanwhile, the Kolkata-based company is looking to double its turnover to Rs2,0 00 crore over the next three years, he said.
“Going by the present trends, we are confident of growing our topline by 25% every year over the next three years, which should take our revenues to Rs2,000 crore,” Khaitan said.
The company also expects operating margins of 12-13% in the quarter ended March of the current fiscal, he said.
“With the prices of zinc, the main input for battery is softening, so our operating margins for the current quarter should be in the region of 12-13%,” he added.
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First Published: Fri, Feb 05 2010. 04 16 PM IST