Bira beer maker restructures leadership amid liquidity woes and revenue decline
, the makers of
Bira beer
, has hired senior leaders and made changes to its top deck at a time when the company is facing liquidity woes and repayment issues to retail investors from KredX, a fintech marketplace.
The company appointed Vikram Qanungo, who returns to
Bira 91
after 2018, as its chief financial officer again. He was Bira 91's CFO in 2015-2019, replacing Meghna Agrawal, who held the position from 2019-2024. Bira 91 also appointed Dr. Manoj Mishra, ex head of supply chain at Ball Corporation (India and SEA), as the vice president, manufacturing.
The company has promoted Nayanabhiram Deekonda, a nine year veteran in the company, as SVP – sales, heading India sales, a designation that was vacant since Deepak Malhotra, who left in 2023 to join Inbrew as chief business officer - beer. Deekonda was SVP - chief of people, product and growth from October 2024.
B9 Beverages also promoted Deepak Sinha, ex VP international business, as SVP – brand & innovation. Sudhir Jain, SVP & chief of integrated supply chain will also handle additional responsibilities of heading people function at the company. And finally Vandana Sahni, ex-head of financial planning and analysis at Bira 91 is also promoted to chief of staff and head, strategy.
The company confirmed these appointments and management changes to ET.
According to regulatory filings, Bira91 posted revenues' decline of 22% in FY24 to Rs638 crore, and its losses widened by 40.58% to reach Rs749 crore. ET reported in May that the company was behind on paying its retail investors as well, in the company KredX, to which Jain back then said, "There are
liquidity issues
that the company is facing… but the management has told lenders that it is in the process of raising funds that will help it manage debt repayment"
Back in June last year, ET had also reported on the company having supply issues, with almost no supply in most of its key markets for months at a stretch. The valuation of the company has been flat from October 2021 till April 2024 at $523 million, as per Tracxn. The company is also in advanced talks with BlackRock, which is planning to invest Rs500 crore in the promoter group of Bira91.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
10 hours ago
- Economic Times
Saturday bank holiday: Are banks open or closed today on July 5, 2025?
ET Online Saturday bank holiday July 5 In India, holidays for banks are governed by the Reserve Bank of India (RBI) along with the respective state governments. This system integrates national holidays, state-specific observances, and local festivals. There are mandatory holidays such as Republic Day, Independence Day, and Gandhi Jayanti. However, there are also regional holidays such as Onam, Bihu, and Durga Puja which are only celebrated in some states. As per the RBI's guidelines, banks follow a structured Saturday holiday system, where all scheduled and non-scheduled banks will observe public holiday on the second and fourth Saturdays of a month while they operate as usual on the 1st, 3rd, and 5th Saturdays (if applicable) unless mentioned in the RBI's holiday list. Bank holidays in July 2025: Banks to remain shut on these days in July 2025: Check full list Are banks open or closed this Saturday on July 5, 2025? Banks are open in all states except in Jammu and Srinagar today on July 5, 2025 as it is the first Saturday of the month. Banks in Jammu and Srinagar are closed to commemorate the birthday of Guru Hargobind Ji. Guru Hargobind Ji's birthday is on June 19th, but in Jammu and Kashmir, it's celebrated on the 21st of Harh, which usually falls in June or July. Impact on banking services Physical branches of banks remain closed on bank holidays but digital banking services such as mobile banking, internet banking, ATMs, and UPI transactions continue to function as usual. However, certain banking operations like cheque clearance and in-person services are affected. Bank holidays in July 2025 Jul-25 3 5 14 16 17 19 28 Agartala • • Ahmedabad Aizawl Belapur Bengaluru Bhopal Bhubaneswar Chandigarh Chennai Dehradun • Gangtok • Guwahati Hyderabad Imphal Itanagar Jaipur Jammu • Kanpur Kochi Kohima Kolkata Lucknow Mumbai Nagpur New Delhi Panaji Patna Raipur Ranchi Shillong • • Shimla Srinagar • Thiruvananthapuram Vijayawada Holiday Description Day Kharchi Puja 3 Guru Hargobind Ji's Birthday 5 Beh Deinkhlam 14 Harela 16 Death Anniversary of U Tirot Singh 17 Ker Puja 19 Drukpa Tshe-zi 28 Source- RBI Calendar
Economic Times
11 hours ago
- Economic Times
'She's too thin': Meet the singer who supposedly turned down marriage proposal from Madhuri Dixit
(Catch all the Business News, Breaking News, Budget 2024 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online.
Time of India
12 hours ago
- Time of India
Are safety regulations hurting India's two-wheeler industry? Manufacturers push back on ABS mandate
Two-wheeler manufacturers are likely to approach the government to seek a deferral of the proposed safety regulation mandating anti-lock braking systems (ABS) across all two-wheeler models from January 1, 2026, citing implementation challenges and capacity constraints. On June 27, the Ministry of Road Transport and Highways (MoRTH) had issued draft amendments to the Central Motor Vehicle Rules, 1989, proposing mandatory fitment of ABS in all two-wheelers manufactured on or after the specified date. To meet this mandate, the Industry will need to scale up ABS production by over six times from the current levels within a short time frame, which is not feasible, stakeholders said. None of the manufacturers currently have the installed capacity to meet this level of demand, a senior executive at a leading multinational component supplier told ET on the condition of anonymity. The regulation would also require homologation of models, which certifying agencies like Automotive Research Association of India (ARAI) may not be equipped to handle at such scale within six months, the executive said. According to a recent ICRA report, only 23% of over 12.25 million motorcycles sold in the country in FY25-primarily premium bikes-were equipped with ABS. The remaining 77% under-125cc motorcycles, numbering about 9.43 million, were fitted with combi-brake systems (CBS), it said. Rakesh Sharma, executive director at Bajaj Auto, said Indian two-wheelers already offer safety technologies comparable to advanced markets and include features designed for local usage. "Once outcome standards are mandated, the choice of technologies to meet them should be left to OEMs and customers," he said. Another senior industry executive argued that for the entry-level segment, CBS may be more effective than ABS, as most riders tend to use the rear brake. "We will need to meet and present all viewpoints to the government, including effectiveness and accident data," the person said. A senior government official, however, told ET that the MoRTH believes a six-month lead time from final notification is sufficient. However, the actual window may extend to eight to ten months, given the time needed to finalise the notification, the person noted. The ministry maintains that 80% of two-wheeler accidents involve vehicles under 125cc, underlining the need for ABS in this segment. The official confirmed that the ministry has held consultations with industry stakeholders. The proposed amendments to motor vehicle rules also mandate that two protective headgears be supplied with the sale of every two-wheeler, effective three months from the date of final notification. Industry players have also questioned the cost-benefit of ABS in low-powered motorcycles. According to ICRA, implementing ABS is likely to increase vehicle prices by '4,500-5,000, translating to about 4-10% price hike for entry-level motorcycles. OEMs are expected to pass on the additional cost to consumers. This could further delay recovery in the price-sensitive entry-level segment, which is still below its FY19 peak due to successive regulatory cost increases over the past few years-including BS-VI norms, insurance changes, and fuel price hikes.
