Warren Buffett's Berkshire Hathaway owned Duracell Inc. has pipped rival Energizer Holdings and is set to acquire BM Khaitan's flagship Eveready Industries in a slump sale for Rs 1,600-1,700 crore, reported The Economic Times. The deal includes manufacturing plants, distribution networks and the brand name.

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The person related to the matter said that the all-cash deal will be beneficial to Eveready in wiping out its debt. Meanwhile, the deal is in the final stages of negotiation and will be announced soon.

The transaction talks between the Khaitan family and Duracell as well as Energizer (US-based), which owns the Eveready brand in the US and China has been going on for months.

The American firm (Energizer) will only own the Eveready brand in India and become the owner of an annual installed capacity of 1.5 billion batteries and over 20 million flashlights per year, said two people familiar with the transaction talks. This business will generate a revenue of approximately Rs 900 crore.

One of the people also added, "As per the agreement, both Duracell and the Williamson Magor Group will leverage Eveready Industries' existing distribution network and brand for their respective businesses."

(Source: The Economic Times)