INDIA – Allied Blenders & Distillers Ltd. (ABDL), India’s third-largest spirits company, has appointed Anil Somani as its new Chief Financial Officer (CFO).
Somani, a finance veteran with over 32 years of experience in financial management and leadership, brings a wealth of expertise that is expected to bolster ABDL’s strategic financial initiatives and support the company’s long-term growth plans.
Before joining ABDL, Somani served as the CFO and Director of Finance at Bata India Limited.
During his tenure, he played a crucial role in improving operational efficiency and driving fiscal discipline, contributing significantly to Bata India’s overall growth trajectory.
His leadership in financial planning, risk management, and capital optimization will be key to his role at ABDL, as the company continues to expand in India’s competitive spirit’s market.
Alok Gupta, Managing Director of ABDL, expressed confidence in Somani’s ability to enhance the company’s financial strategies
Gupta noted that Somani’s extensive background in diverse industries will provide the company with strong financial oversight and operational efficiency as ABDL focuses on further market consolidation.
Somani’s role at ABDL will involve overseeing the company’s financial planning and analysis, risk management, and corporate finance.
In July, ABDL, known for its Sterling Reserve whisky, filed for an initial public offering (IPO) to raise up to 15 billion rupees (US$180 million).
The company plans to issue new shares worth up to 10 billion rupees (US$120 million) as part of the IPO, with proceeds directed toward reducing outstanding borrowings.
As of the end of March 2023, ABD’s total liabilities had increased by approximately 13 percent year-over-year.
During the same period, its consolidated revenue saw a slight dip of 1.3 percent, while profit after tax rose by 8.5 percent.
