Maiyas goes for full restructuring
To recoup market share in ready-to-eat, ready-to-drink and pickles markets.
Maiyas Beverages and Foods Pvt. Ltd. has embarked upon a comprehensive restructuring exercise in order to recoup the market share it had lost in the country’s ready-to-eat, ready-to-drink, curry spices and pickles markets.
The company’s business restructuring plan comes two days after the Bengaluru bench of the National Company Law Tribunal (NCLT) quashed MTR Foods’ (which was among the bidders for Maiyas) charge that it had sold its restaurant business in an undervalued deal before the corporate insolvency solution process even started.
NCLT’s dismissal of MTR Foods’ allegations has cleared way for the take over of Maiyas Beverages and Foods by Akashika Foods Pvt. Ltd, a consortium of employees, vendors and distributors of Maiyas, backed by food entrepreneur Sadananda Maiya, the father of both the brands — MTR and Maiyas. Sadananda Maiya’s son Sudarshan Maiya, who is an executive director at the company, told The Hindu that Maiyas Beverages and Foods had decided to change its house colour from red to an appealing shade of sky blue to ensure that the brand looked different from MTR in the market.
“We are going in for a complete new look, starting with our house colour. We will repackage all our products,” he said. The company would be rapidly expanding to other markets.
S. Navamohan Kumar, director, Akashika Foods and president, Bangalore Distributors Forum, said Maiyas’ products would be made available in over a lakh outlets across the country in the next one year.
”We have restructured our sales and marketing teams targeting revenues of ₹220 crore by March 2020 and ₹500 to ₹600 crore in the next four years.’’
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