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Specialty chemicals firm Vikas Multicorp has constituted an Advisory Board under the chairmanship of Sunil Alagh, former Managing Director of Britannia Industries to steer the company's venture into FMCG business.
The board will consist of other members from the field of marketing and branding, finance, engineering, general management and legal.
The nature of the board is non-statutory status, and members will be invited to join the Advisory board based on past credentials, said the company.
Earlier, Alagh has also served as Non-Executive Independent Director for United Breweries, 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, Switzerland.
To invest ₹100 crore
VML had recently entered the food protection and personal hygiene segment of the FMCG industry with an investment plan of ₹100 crore in two years. It had acquired known brands in aluminium foil and tissues such as ‘Homefoil’, ‘Chapatiwrap’, ‘Cleanwrap’ & ‘Mistique’.
VML is looking for more acquisitions to expand footprint across India.
The aluminium foil market in India is estimated at 2 lakh tonnes per annum valued about ₹7,000 crore. VML brands have a market share of about 6 per cent.
The tissue paper market in India is about ₹5,000 crore with branded tissues accounting for about ₹2,000 crore. The Mistique brand has almost 10 per cent share in the branded tissues category.
Besides retail sales, these brands are sold to institutional clients such as Taj Group of Hotels, Meridian, Maurya Sheraton, Oberoi, Inter-continental, Hyatt and Marriott. Its client also includes hospitals like Apollo, Escorts, Max, Gangaram, Vimhans, Fortis, Moolchand, Air India, Alliance Air, Canteen Stores Department, Railways and Airport Authority of India.
Demand for aluminium foil has been growing steadily due to the ban on plastic bags. Aluminium foil sales have increased by 50 per cent in Maharashtra, Karnataka and Kerala where the ban on the use of plastics was imposed.
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