INDIA: Indage Vintners reveals extent of losses
Indage Vintners publishes net losses
Indage Vintners has revealed the extent of its full-year losses for the first time since facing a winding up order in its native India.
Net losses for the 12 months to the end of March were INR2.23bn (US$49.7m), significantly deeper than losses of INR607m in the previous year, Indage Vintners said this week. Net sales collapsed during the year, to just INR188.8m from INR1.48bn a year earlier.
The figures offer more insight into the extent of Indage's troubles, which earlier this year led the High Court of Mumbai to issue a winding up order against the firm. It is believed that Indage had debts of INR4bn.
The firm subsequently avoided bankruptcy by agreeing a debt repayment plan with the High Court, which was formally signed on 16 September.
Indage's swift fall from grace rocked the budding Indian wine sector, whichthe company had helped to pioneer. It has more than 40 brands, 2,500 hectares of vineyards and its Marquise de Pompadour wine has won multiple international awards.
For more on the plight of Indage Vintners, click here. For more on the Indian wine sector, click here.
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