Eveready looking for joint venture partners

Kolkata, April 11 (IANS) Eveready Industries India is looking for a willing joint venture partner to develop its properties in Hyderabad and Noida.

“The company has not yet got a suitable buyer for the properties. We are interested in a JV for developing the properties,” company’s executive director Amritanshu Khaitan told a media meet here.

But he ruled out any possibility of any deal over the next few months, as the real estate market needed to revive first.

“There is no possibility of anything happening within a month. In the next 8 to 12 months, I hope to something happening on this front,” he said on the sidelines of the launch of new rechargable range of fans and lamps with LED technology.

The company was also trying to offload some of its surplus land to retire its Rs. 270 crore debt and hoped to retire Rs. 50 crore of the debt through internal accrual in 2013-14.

The company has 25 acres of land in Hyderabad, and about 10 acres at Noida in a vacant plot adjacent to the existing factory.

It was also hoping to get back into the green in 2012-13 with around Rs. 1,050 crore revenue.

“We hope there will be 10 percent revenue growth in 2013-14,” he said.

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