| The promoters of MTR Foods Limited, the Rs 135 crore packaged foods company, have no plans to exit the foods business or divest further stake. MTR Foods Chairman and Managing Director Sadananda Maiya said neither he nor his close relatives and friends, who together own a majority 59 per cent stake in the company, will divest.
|
| |
| A decision to this effect was taken at the company's board meeting held here on Monday. Instead, the company has decided to bring in an international partner to expand overseas, enabled by the exit of an existing investor.
|
| |
| "There is no question of either my relatives or I selling our stake in MTR and I am not here to sell the company and run away from the foods business. The foods business is my main business and I have no connection with the restaurant business, which is run by my cousins.
|
| |
| We have discussed with our investors, JP Morgan Chase and Aquarius, on their exit from the company. Till now they have not indicated to us their plans," clarified Maiya.
|
| |
| The packaged foods and the restaurant operations are independent businesses. Both Sadananda Maiya and his cousin the late Harishchandra Maiya's daughter Hemamalini Maiya -- who runs MTR restaurant -- have an understanding not to enter each other's businesses.
|
| |
| "If I were to sell the company and exit foods business, I would not have brought my son Sudarshan Maiya, a computer science engineer, into the company. He is currently working as a systems executive and getting to know the family business," Maiya said.
|
| |
| In MTR Foods, Maiya personally holds 40 per cent, JP Morgan Chase 26 per cent stake, Aquarius 15 per cent and Maiya's relatives and associates the remaining 19 per cent.
|
| |
| MTR is looking at bringing in a strategic partner, who has a significant presence and expertise in the foods business in the international market.
|
| |
| "We are not looking at any domestic company for entering into a strategic partnership, as we ourselves have a fairly good presence in the country. We are interested in an internationally present company to take us beyond the Indian borders.," Maiya said. |
| |
|
| |
Content Guide
