Dry cell battery maker Eveready Industries said it has entered into a joint venture partnership with Indonesia's Universal Wellbeing to foray into FMCG business in the Indian market.
Eveready Industries will hold 30 per cent stake in the proposed joint venture with the remaining 70 per cent with the Indonesian firm, which is a part of the Wings Group.
The yet to be named JV will market FMCG products leveraging on product expertise of Universal Wellbeing and distribution strength of Eveready.
Eveready Industries Managing Director Amritanshu Khaitan said, "With this joint venture, we will be able to unlock more value from our vast distribution network. We will be able to offer Indian consumers better products that are affordable, yet of international quality."
Universal Wellbeing Director Annie An said “India has immense potential as the country's economy grows and due to its rising per capita income. We believe with our experience in a number of categories in similar emerging markets combined with robust distribution of Eveready, we will be able to add value and improve lives of the Indian consumers.”
Universal Wellbeing in a major player in the FMCG space in Southeast Asia. It manufactures and sells a range of fabric, household care, personal care, foods and beverages.