Vikas Multicorp Ltd constitutes Advisory Board, Ex CEO & MD to Britannia, Sunil Alagh, appointed as First Chairman
Mumbai (Maharashtra) [India] Sept 1 (ANI/NewsVoir): BSE and NSE listed Specialty chemicals firm Vikas Multicorp Ltd has announced that it has constituted an Advisory Board consisting of eminent personalities with the purpose of providing guidance and act as a sounding board to the senior leadership team in the company including the Board of Directors.
The nature of the board is non-statutory status and members will be invited to join the Advisory board based on past credentials.
Sunil Alagh, a veteran of consumer-focussed businesses is appointed with his consent as the First Chairman of the Advisory Board. Alagh will steer the company's strategy in this B2C business has decades of experience in FMCG brand building and distribution networks.
The Board will consist of other members by invitation who will be people of eminence from the field of marketing & branding, finance, engineering, general management, and legal, etc.
Sunil Alagh has previously served as MD and CEO for Britannia Industries Ltd, Non-Executive Independent Director for United Breweries Ltd, senior Advisor to AXA, France and Hannover RE, Germany, member of Board of Directors for IL&FS, member of Indian Advisory Board to Schindler Management Ltd, Switzerland, to name a few.
The Advisory Board will guide and advise the Board of Directors on various strategic business decisions. They will also share best practices from the outside world for organization learning purposes.
Enters the FMCG segment with Rs 100 crore investment.
VML had recently announced that it will enter the food protection and personal hygiene segment of the FMCG industry with an investment of approximately Rs 100 crore in two years.
The company has ventured into the 'Food protection and Personal Hygiene' segment of the FMCG Industry with the acquisition of prestigious Brands for Aluminium Foil and Tissues 'HOMEFOIL', 'CHAPATIWRAP', 'CLEANWRAP' & 'MISTIQUE'. VML intends to acquire further businesses as well as expand its footprint all over India.
Vikas Multicorp said the demand for aluminum foil and tissue paper products in India has been growing at a fast pace and is expected to continue to grow in view of present per capita consumption is quite low.
The current aluminum Foil market size in India is about 200,000 MT per annum, in terms of value about Rs. 7,000 crore. These brands have a market share of about 6 per cent in the Indian market.
The tissue paper market in India is about Rs 5,000 crore, out of which the branded tissue market is about Rs 2000 Crore. The Mistique brand has an almost 10 per cent share in the branded tissues category.
These brands have evolved over a period of three decades and are well-established names in the domestic market, enjoying very visible and prominent presence in the market at more than ten lakh retail counters across the nation besides being sold to prestigious institutional customers like the Taj Group of Hotels, Meridian, Maurya Sheraton, Oberoi, Inter-continental, Hyatt, Marriott, and all other big hotels, all the big hospitals like Apollo, Escorts, Max, Gangaram, Vimhans, Fortis, Moolchand, etc., Airlines like Air India, Jet Airways, Jet light, Alliance Air, etc., Canteen Stores Department (CSD), and Railways and Airport Authority of India.
In addition, these brands enjoy a significant presence in all big retail chains and online platforms. These brands also have recognition in International markets, especially in the UK, Middle East, and European countries.
Till recent past Indian foil market is crowded with a large number of small converters that buy aluminum from existing players and convert them into foils. Household Aluminum Foils have acquired a prominent place in the kitchen thus witnessing a growth of about 30-40 per cent in last few years. A ban on plastics is also driving growth.
Studies done in States like Maharashtra, Karnataka, and Kerala wherein ban on the use of plastics was imposed first, the sale of Aluminum Foils increased by 50 per cent.
Still, India has a very low per capita packaging consumption, which stood at 4.3 Kgs, as compared to other developed countries like Germany and Taiwan, where the per capita packaging consumption stood at 42 Kgs and 19 Kgs respectively.
The company is planning to foray in to complete solutions for Food Protection and Packaging Personal Hygiene needs of Indian households at a one-stop-shop.
The company is further riding high on the Growing Disposable Income, which is encouraging the Indian population to make regular use of hygienic and aesthetic solutions, which were once considered expensive and reserved for special occasions, rising working population, focus on education are also resulting in increasing requirements of packed home-cooked food at the workplace and personal hygiene products.
"With the changing lifestyle, urbanization and increasing requirement of food packaging would be the key factors for sustaining the growing demand. Post-COVID-19 certain changes are expected in consumer behaviour which also impetus the pace further," the company added.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
