Chhabria plans Rs 1k-cr ABD IPO
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03 Aug 2015
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The Kishore Chhabria-run Allied Blenders & Distillers (ABD), which is planning to go public with around Rs 1,000-crore issue over the next 18 months, has rejigged the top management with a new managing director and chief executive. The largest home-grown liquor company -- the UB Group is now owned by the British giant Diageo -- has roped in Anupam Datta, a veteran marketer and the man behind the successful launch of the Reliance Industries-promoted football league, the Indian Super League, as the new managing director and chief executive officer. Datta has taken charge since the mid-July. With his arrival, my role will be limited to strategy and planning apart from preparing ABD for the Rs 1,000 crore share sale. Also, from now on, I will be only the executive vice-chairman and will not be involved in the day-to-day running of the company, Deepak Roy, the incumbent executive vice-chairman and chief executive told PTI. Before joining ABD, Datta was heading Kellogg's South Africa and prior to which he was heading the American cereal major's operations in the country. It can be noted that both Roy and Datta worked together in the past with Diageo before Roy moved to UB for a while. When sought his plans for the company, Datta refused to comment saying he is still studying the company. On the IPO plan, Roy, who holds 5 per cent stake in the company that owns the world's largest spirits brand Officer's Choice even overtaking Smirnoff vodka from the Pernord Ricard stable, said, we are working on it. We should hit the market over the next 12 to 18 months and we plan to raise about Rs 550-750 crore. But if we continue our breakneck growth as we have been doing in the past many years, and go ahead with our aggressive expansion plans including some takeovers, then the amount can be up to Rs 1,000 crore, Roy said. Roy said that though specifics are being worked out, he is valuing ABD at an enterprise value of Rs 6,000 crore by the end of this fiscal year. The company had reported a revenue of Rs 2,500 crore net of Excise in 2014-15, which was a growth of 31 per cent over the previous fiscal year, according to Roy. |
| Source: Dion Global Type: IPO Related |
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