McLeod Russel is reportedly planning to acquire an equal stake in Greendale India, one of the wholly-owned subsidiaries of Eveready Industries India (EIIL). Both McLeod Russel and EIIL belong to the Williamson Magor Group (WMG), controlled by the Khaitan family.
As per the roadmap, EIIL will enter into a share purchase cum shareholders agreement with McLeod Russel to operate and manage GIL as a joint venture, with both these WMG entities holding 50 per cent shares each of Greendale.
EIIL currently holds 50,000 equity shares of Rs 10 each in this subsidiary of which McLeod Russel will be picking up 25,000 shares of Rs 10 each which will ensure an equal partnership between the two group companies.
