February 12, 2019 / 4:46 AM / 6 days ago

Energizer, Duracell eye stake in Eveready India: Economic Times

FILE PHOTO: Used Duracell batteries are seen in an office in Kiev April 17, 2012. REUTERS/Anatolii Stepanov

(Reuters) - U.S. battery makers Energizer Holdings Inc and Duracell International are eyeing a controlling stake in Eveready Industries India Ltd, the Economic Times reported on Tuesday, citing people involved in the negotiations.

Energizer is likely to face competition from rival Duracell International, owned by Warren Buffett’s Berkshire Hathaway Inc, the report added. Energizer already owns the Eveready brand of batteries in the United States and China.

Private equity firms Blackstone and KKR & Co Inc, and Indian fund Kedaara are also expected to put in bids, according to the report.

All non-binding bids are expected to be submitted this week and the selected bidders will begin diligence following which a binding offer will be made, the report added.

Energizer, Blackstone, KKR and Duracell did not immediately respond to a request for comment outside regular business hours.

Kedaara was not immediately available, while Eveready did not respond to a request for comment.

Reporting by Tanvi Mehta in Bengaluru; Editing by Subhranshu Sahu

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