MTR Foods plans sales push thru' direct consumer contact
Published on Tue, Sep 19, 2006 at 08:59 | Source : Moneycontrol.com
Updated at Tue, Sep 19, 2006 at 09:48
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MTR Foods plans sales push thru' direct consumer contact
Amid reports of sell-off of MTR Foods, the company's Chairman and Managing Director, Mr Sadananda Maiya, has denied any move towards a sale. The company, he said, has chalked out a marketing programme to expand sales through direct consumer contact.
Amid reports of sell-off of MTR Foods, the company's Chairman and Managing Director, Mr Sadananda Maiya, has denied any move towards a sale. The company, he said, has chalked out a marketing programme to expand sales through direct consumer contact.
"Why will I sell the company when it is doing well?" asked Mr Maiya. He also denied any pressure from investors to sell MTR Foods.
On reports of J.P. Morgan Chase's plans to exit the company, Mr Maiya said, "Even if it were to quit, it will not happen for another six months to one year at least."
Mr Maiya holds 40 per cent stake, while Aquarius Group holds 14 per cent and 26 per cent is held by J.P. Morgan Chase. The rest is held by family members.
The investment banking firm Rothschild, Mr Maiya said, was appointed for advice on future partnerships and associations. "Whether they will be strategic or equity partnerships, it has not yet been decided," he said.
Mr Maiya holds 40 per cent stake, while Aquarius Group holds 14 per cent and 26 per cent is held by J.P. Morgan Chase. The rest is held by family members. 
