Bhat, who was earlier the Executive Vice-President of the Spirits division of UB Group, would be responsible for Corporate Finance activities in the Group, including all promoter funding, equity and debt raising (other than working capital), mergers and acquisitions and reorganisations, UB said in a release here today.
The Group had appointed P A Murali as the Chief Financial Officer of the Spirits operations, comprising McDowell and company Limited, Herbertsons Limited, Triumph Distillers and Vintners Limited, and Shaw Wallace and company Limited. Murali was until recently Executive Vice-President (Finance) of United Breweries Limited.
Bhat played an important role in the landmark acquisition of Shaw Wallace and company and funding arrangements leading to the acquisition. Having been associated with McDowell for the past 15 years, he was successful in establishing a close rapport with various banks and financial institutions in the country and had steered McDowell through many a difficult days.
His skills would now be utilised on a wider platform to address the long-term structural funding needs of the Group. He would closely interact with the operating companies of the group and assist them for long term fund raising as well as corporate reorganisations, the release said.
Lesley Jackson had taken over as the CFO of United Breweries Ltd. Scottish and Newcastle Plc, UK, had nominated her, in accordance with the agreement, signed to facilitate the strategic sale of 37.5 per cent stake.
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