Calcutta, Aug. 31 :    Calcutta, Aug. 31:  Eveready Industries India Ltd, the B.M. Khaitan flagship, is pulling out of tea business in West Bengal. The company, which has already sold four gardens in Darjeeling and one in Dooars, plans to sell its remaining five tea estates in Dooars. The company also plans to open a distribution wing which will not only market its own products but also those of other companies. Speaking to reporters after the company's 66th annual general meeting, Deepak Khaitan, executive vice-chairman and managing director, said, 'We will sell our remaining gardens in Dooars if we get a good price.' Earlier addressing shareholders, Khaitan said the company will exit the Dooars gardens as part of its restructuring plans. The company has already sold its gardens in Darjeeling-Soom, Nagrifarm, Lingia and Glenburn-and Matelli Tea Estate in Dooars. The other gardens in Dooars are Bhatpara, Central Dooars, Chuapara, JaintiChuniajhora and MathuraJaibirpara. The company now wants to concentrate on the Assam gardens. Khaitan, however, reconfirmed that the company will not sell its battery business since it is doing well. 'We will only sell our unprofitable gardens,' he said. Commenting on the bifurcation of the tea and battery businesses, he said there is no immediate plan to demerge the two. 'Both are doing well for now. We are talking to the financial institutions on restructuring debt rather than demerging the two businesses,' he said. ICICI, the lead financial institution of the company has been asked to work out a restructuring package. The company's total debt burden stands at Rs 849.27 crore and the interest outgo is Rs 127.94 crore. The company has asked the institutions to reduce the interest rate from 14 per cent to 11 per cent and increase the number of years for repayment. The board will meet within a month's time to take a final view on the restructuring. In a lighter vein, Deepak said he might increase the promoters' stake in the company since the scrip is hovering at Rs 15 on the bourses. The company will start marketing alkaline batteries imported from Japan under its own brand name from November. Eveready, which is currently exporting batteries to eight countries under the brand name 'Lava' is venturing into the Philippines and New Zealand markets. Commenting on shareholders' queries on the company's exposure in group companies, Khaitan said they have decided to revive all the companies. Kilburn Chemicals has already turned around and is expected to generate dividends from next year. 'If we cannot revive these companies then we will think of selling them,' Khaitan assured shareholders. EIIL reaches five lakh retailers through its distribution channels. It has 1,000 four wheelers across the country, which will be used to market its batteries, tea, and other FMCG products. 'We are in talks with a company from the eastern region to market its products,' Khaitan said. The company expects a Rs 200 crore turnover from the distribution business. Moreover, having exited the Nepal Battery venture, the company is selling Eveready batteries which are produced in India in Nepal. Williamson Magor Speaking at the AGM of Williamson Magor today, Deepak Khaitan said the company will carry on with the voluntary retirement scheme to make it lean and trim. He added that a restructuring plan has been submitted to IDBI on Kilburn Engineering.