Eveready forays into confectionery business

MUMBAI: With a view to scale up its fast-moving consumer goods (FMCG) portfolio of products, dry-cell-battery maker Eveready Industries India Ltd (EIIL) is all set to enter the confectionery business with Jollies, its new fruit chew candies. 

The move is a part of its diversification plan and the brand will foray into the Rs 9000 crore confectionary segment with the product. Priced at Re 1, Jollies will have higher fruit content and lower sugar content.

EIIL said that the fast-growing fruit chew segment, estimated to be a Rs 400 crore market, will double in the next three to four years and expects to become a significant player in the segment by making the under-penetrated category available across urban and rural India through its distribution network. 

EIIL managing director Amritanshu Khaitan said, “The product being launched has a high percentage of natural fruit pulp making it a preferred healthier option to pure sugar candy. Candies are a mass-market product and can be carried in the Eveready vans reaching a million outlets. This brings in a major competitive advantage for us and we believe we can become a major player in the fast-growing confectionery market in the next 3-5 years with only investments required for branding.”

The company has over 400 distributors and 42 distribution centres across India. The company is working on an asset-light model involving outsourcing and believes it can add significant turnover and profitability with an entry into the segment.

EIIL is a manufacturer of dry-cell batteries, flashlights, lighting and packet tea. The company reported 55 per cent revenue from dry cell batteries, 14 per cent from flashlights, 22 per cent from lighting and electrical and 9 per cent from other segments in financial year 2016-17. 

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