Maho sells his business in India after “far below” results than expected | Companies

Maho Chan Miguel announced on Thursday that it was selling its business in India, the market it reached in 2012 and had two manufacturing centers in it. The company points out that it has signed on to transfer the contract amount to a “local industry committee” without elaborating.

Behind this decision are the bad results of liquor store registration in that country, especially in recent years. It was acknowledged by Maho that the investment since 2018 has “produced less results than forecasts”, which led to this conclusion along with the Govt-19 crisis. “The company has made a significant commitment to this market that initially responded to its expectations,” says Maho.

However, in fiscal year 2019, with the latest data, the Indian subsidiary generated a pre-tax loss of 7. 7.2 million. In 2018 they will be five million. This led to the Spanish distillery having to pay off capital increases. In 2018 he did it for 10 million and in 2019 for three more. The value of his investment at the end of that year was 78.4 million.

“Maho Chan Miguel prioritizes investments and projects to ensure its future sustainability, pays special attention to the state of the Spanish market, returns investments in favor of its hotel customers, protects employment and makes progress on the basis of our country’s economic recovery,” the company said in a statement. With business, especially in the United States underscoring its purpose by its commitment to the founder and artisan market.

“India’s experience has given the company a lot of value, which has enabled it to develop a more robust international strategy for the future through better learning and has allowed the professional development of its team.” 109 people worked there. Maho entered the market in 2012, but opened its first international subsidiary in India in 2014.