EIL, a company in Sri Lanka, is engaged in the business of production, manufacturing, distribution and selling of commercial visi-coolers and related accessories
Varun Beverages, a leading bottler of PepsiCo, will be acquiring a 50 per cent stake in Everest Industrial Lanka (EIL) for a consideration of USD 3.75 million (Rs 32.088 crore), the company stated in an exchange filing. This is aimed at enabling the company to source its visi-coolers requirements internally within the group.
EIL, a company in Sri Lanka, is engaged in the business of production, manufacturing, distribution and selling of commercial visi-coolers and related accessories. Varun Beverages informed that the approval from Board of Investment, Sri Lanka has already been received.
“We would like to inform you that the Investment and Borrowing Committee of the Board of Directors of the company at its meeting held today considered and approved to acquire 50 per cent stake of Everest Industrial Lanka (EIL) for a consideration of USD 3.75 million (Rs 320.88 million),” the company informed in an exchange filing.
The acquisition is expected to be completed on or before 30 May 2025, and it will be in the form of cash consideration, the company informed. As far as the financial performance of EIL is concerned, VBL stated that the revenue from the operations of EIL in the financial year 2024 stood at USD 1.74 million as compared to USD 1.86 million in FY23.
