B M Khaitan's Williamson Magor is planning to sell its flagship Eveready Industries, reported The Times of India, citing sources aware of the matter.

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According to the report, the sources said that the decision to sell one of the oldest consumer brand in the country has paved way for an auction process.

The promoter, who owns 45 percent stake in the firm, has reportedly mandated Kotak Mahindra Bank for the potential sale, said the report.

However, the sources told the paper that the family is unlikely to sell its entire stake. “Ideally, they would like to sell around 30 percent stake and retain 10-15 percent,” a source was quoted as saying in the report.

The development comes at a time when Khaitans are in the process of reviewing the Rs 1,500-crore business as part of a group-level rejig to pare debt, the report said, adding that the fact that the battery business is slowing down too seem to have influenced the decision.