Bira 91 founder Ankur Jain exits board, gives up stake
What's the story
Ankur Jain, the founder of B9 Beverages and its flagship brand Bira 91, has resigned from the company's board. He will also be giving up all executive powers and ownership as part of a settlement deal with institutional shareholders and lenders. The decision comes after a two-year-long dispute over the company's financial struggles.
Statement
Jain's statement on his resignation
In an exclusive interview with ET, Jain confirmed his resignation from the B9 Beverages board.
He expressed his gratitude toward everyone who contributed to building the Bira 91 brand, including team members, investors, and business partners.
Despite facing challenges in the last two years, Jain is optimistic about this resolution paving the way for a new phase of growth for the company.
Financial struggles
Financial crisis and production halt at B9 Beverages
B9 Beverages is currently grappling with a major financial crisis and has halted production.
The company's debt has surged to nearly ₹1,000 crore. Jain had personally guaranteed some of these loans.
The company will now be recapitalized by existing investors and plans to resume operations in the next three to six months.
Legal resolution
Settlement terms and legal proceedings
As part of the settlement deal, both parties have agreed to drop all legal proceedings against each other.
The promoter family, which holds a 17.8% stake in B9 Beverages, will also be giving up their ownership of the company.
Jain had previously indicated his willingness to step down for the company's sake amid an ongoing conflict over its future among various stakeholders.