MUMBAI, Nov 21: In a strategic move, Exide Industries is acquiring the industrial undertakings of Standard Batteries Ltd of the B M Khaitan-controlled Williamson Magor group. Sold at an approximate Rs 100 crore, Standard Batteries will now exist as a mere holding company within the Magor group.

The sale of assets include Standard Batteries' plants at Taloja, Kanjur Marg and Guindy units along with the entire management. The promoters are likely to take the shareholders' approval within a month to decide on the next course of action regarding the deployment of funds which would come from the sale.

According to Aditya Khaitan, director of the Magor group, ``this move will help us repay loans worth Rs 75 to 80 crore to ICICI as well as refunding inter-corporate deposits.''

Standard Batteries had recently availed of Rs 65 crore loans from ICICI for modernisation of their lead storage battery plant at Taloja and for a shift from Mumbai to Taloja.

The total sale consideration for the industrial undertakings may exceed Rs 100 crore taking into account a further value of net assets.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.