B9 Beverages Begins New Chapter as Founder Ankur Jain Steps Down

The agreement brings an end to a dispute that lasted for nearly two years over the company's financial and governance problems.

As part of the settlement, Ankur Jain has given up the promoter family's executive control of the company.

In return, Jain received relief from certain personal liabilities linked to the company's loans and borrowings.

The settlement is an important step in B9 Beverages' restructuring plan as the company works to stabilise its business after facing financial difficulties.

The leadership change came after continued pressure from lenders and shareholders, who wanted major management changes due to the company's losses, cash flow problems, and operational challenges.

Despite stepping away from the company, Jain expressed gratitude towards employees, investors, and business partners who helped build the brand over the past decade.

"I am thankful to everyone who has allowed us to create the Bira 91 brand, team members, investors, business partners," Jain said.

He added:"We ran into rough weather in the last two years. However, with this resolution, the business will enter a new phase of growth, a phase in which I will be cheering for the company and the brand from the sidelines."

For FY24, B9 Beverages reported a net loss of Rs 748.8 crore while its operating revenue was Rs 638.5 crore, showing the company's serious financial problems. The company has not yet announced its financial results for FY25 and FY26.

In recent years, B9 Beverages has also faced reports of delayed salary payments and legal notices from creditors, highlighting ongoing cash flow issues. Because of these challenges, institutional investors called for better corporate governance and changes in the company's leadership.