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Boby Kurian

Bangalore , Jan. 18

A DIFFERENCE of opinion within the Jumbo World Holdings board could put the sale of Shaw Wallace & Co's (SWC) liquor business in limbo even as the bidders claimed that they have assurance from McKinsey & Co that the selloff would proceed notwithstanding roadblocks.

The Jumbo Group, founded by the late Manu Chhabria, had mandated McKinsey Singapore to call for bids from potential suitors for SWC's liquor business.

The Jumbo board, consisting of the members of the Chhabria family and professionals, met in Dubai on January 15 but witnessed lack of consensus on any one winning bidder for Shaw Wallace Distilleries Ltd, the spirits arm of SWC, informed sources said. "There were no outright winners, which could have helped the board to take a decision regarding the sale," sources added.

A Jumbo Group spokesperson did not respond to queries on the matter stating that it has never commented on the sale process. The latest development comes in the wake of reports that a section of the Manu Chhabria estate, notably the second daughter of the late business tycoon, Ms Komal Chhabria Wazir, is keen on running the business. The group Chairperson and the wife of Manu Chhabria, Ms Vidya Manohar Chhabria, head the Jumbo board.

The potential suitors in the fray said McKinsey Singapore has communicated that the selloff would proceed unhindered despite the anticipated roadblocks including reservations from a section of the Chhabria estate.

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