On 19th September 2024, Maithan Alloys Limited made a strategic acquisition, securing a 0.11% stake in Eveready Industries India Ltd for Rs. 3.55 crore. This acquisition took place through the stock exchange, adding a significant investment to Maithan Alloys’ diverse portfolio. Eveready Industries is renowned for its manufacture and marketing of batteries, flashlights, and an extensive range of lighting and electrical products under the popular brand name Eveready.

This acquisition was completed with cash consideration and forms part of Maithan Alloys’ broader approach to capitalizing on long-term and short-term investment benefits. The company has clarified that it does not intend to acquire management control of Eveready Industries through this transaction.

Eveready Industries, a household name in India, boasts multiple manufacturing facilities across Lucknow, Noida, Haridwar, Maddur, Kolkata, and Goalpara (Assam). Its products are supported by a vast sales and distribution network nationwide, ensuring a strong presence in the market. The company has consistently performed well, with a turnover of Rs. 1314 crore for the financial year 2023-2024 and a net worth of Rs. 384 crore as of March 31, 2024.

For Maithan Alloys, this acquisition marks a strategic move to enhance its investment portfolio. The company, already known for its expertise in alloy manufacturing, has diversified its holdings through this stake in Eveready Industries, one of India's prominent players in the household products sector.

This transaction brings Maithan Alloys’ total stake in Eveready Industries to 0.94% as of 19th September 2024. With a history of long-term successful investments, Maithan Alloys continues to strengthen its position in various industries, ensuring a balanced approach to growth and profitability.

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