Reliance Industries, Tata Sons, Asian Paints and Bisleri International – there is a common thread between these household names from the world of business. In the first three of them, difference of opinions among its key decision makers and stakeholders have altered the course of their journeys. While, in case of Bisleri International – the largest packaged water company in the country – story is still unfolding.
Run by Ramesh Chauhan since 1970s, Bisleri is currently at a crucial juncture. Chauhan is India’s de facto Cola king who played a key role in familiarising Indians to fizzy drinks and packaged drinking water.
After backing off from selling his stake in the company to the Tata Consumer Products (TCPL) at a valuation of Rs 7,000 crore, Chauhan has decided to hand over management control of his priced possession to its CEO Angelo George.
As per data available at the Registrar of Companies, under Ministry of Corporate Affairs, Bisleri International posted Rs 1,181.75 crore revenue in FY2021 – down 20 per cent from Rs 1,472 crore that it had reported the previous year. Its net profit stood at Rs 95 crore in FY2021, compared to Rs 100 crore in FY2020. Estimates by Nuvama Institutional Equities suggest, it has the potential to touch Rs 2,500 crore sales in FY2023 with Rs 220 net profit.
The move, however, was not pre-planned. According to people aware of the developments, Chauhan wanted to pass the baton to his only daughter Jayanti Chauhan. But her unwillingness to run a low margin business such as Bisleri promoted Chauhan to sell the majority stake to the Tata Group company. Last November, amid his discussions with TCPL, Chauhan had told Business Today that he is scouting for a suitable buyer as Jayanti is not interested in the business.
While the deal fell through, sources put the onus on senior Chauhan’s affinity towards Bisleri which he turned into a household name over the decades. “After parting his ways with iconic brands like Thums Up and Gold Spot in early 1990s, he seems to be in two minds about selling Bisleri. Ideally, he would have preferred it to stay with Chauhans,” said a person familiar with the developments, on conditions of anonymity.
But things currently stand in bit of a limbo as daughter Jayanti is learned to have decided to stay away from taking charge of the packaged water business. After talks with Tatas fell through, Chauhan had said that Jayanti will run Bisleri International with the help of its CEO. But Jayanti took to the professional social media platform LinkedIn to vent her anger. In a LinkedIn post that she later deleted, Jayanti wrote, “my father DOES NOT speak for me, I am my own individual” – implying a clear difference of opinions between the two about the future of Bisleri, and Jayanti’s role in the company.
Also Read: Tata won’t buy Bisleri; founder’s daughter Jayanti Chauhan to lead mineral water company