The case gives an overview of the disinvestment of Modern Foods (India) Limited (MFIL) by the Government of India (GoI) and turnaround strategy formulated by the Hindustan Lever Limited (HUL) for MFIL. When HUL took over MFIL, it was believed that MFIL would perform better under the HLL’s management. However, after being sold to MUL, the company incurred cash losses to the tune of Rs. 69 million from 1998 to 99.
As accumulated losses mounted to Rs.470 million and wiped off MFIL’s equity of Rs. 330 million, it was referred to the Bureau of Industrial Finance and Reconstruction (BIFR). The case discusses various steps taken by MUL management for turning around the company. It also gives an insight into the disinvestment process and throws light on the reasons why the GoI was not able to hasten the process that was initiated in the early 1990s. Click here to read more…
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