Dry cell batteries maker Eveready Industries India Ltd (EIIL) on Thursday said it has entered into an agreement with Alwarpet Properties for sale of its land in Chennai for Rs 100 crore to reduce debt.

The land belonged to a battery manufacturing facility over the last five decades. The factory became economically unviable on account to high standing costs and overheads, which led to it becoming idle for some time.

The land, therefore, became surplus to the company's needs, it said in a statement.

"The sale transaction will help reduce debts of the Company and further improve the balance sheet. The closure of the factory, in any case, is positive to the profitability of the business on account of cost savings," Managing Director Amritanshu Khaitan said.

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