Eveready Industries is mulling to form a Joint Venture (JV) for developing its Hyderabad and Noida properties, which have been put for sale for quite some-time now. The company may engage its sister company McNally Bharat Engineering Company for the construction activity. However, the company expects the deal to happen only over next 8 to 12 months.
Eveready’s surplus land holdings emerged over the years, following its strategy to shift some of the battery plants from metro cities to outskirts, freeing up pricey properties in prime locations, and closing down some unviable plants.
Meanwhile, the company is trying to offload some of its surplus land to retire its debt of Rs 270 crore, which is in line with its plan of being a debt free company by 2015. By 2013-14, the company is hopeful of retiring about Rs 50 core debt through internal generation.
