Bira 91 asset sale: B9 Beverages looks to clear employees salary dues; founder aims to raise ‘immediate cash’

B9 Beverages, the debt ridden bear maker, may soon clear pending salaries and provident fund dues as the company moves to sell one of its assets. Bira 91 founder Ankur Jain has informed employees that the planned sale is aimed at raising “immediate cash” to address these obligations, according to ET.The proposed move, however, has prompted questions from some of the company’s investors. In a letter to employees cited by ET, Jain wrote, “We have sent the proposal to key lenders and shareholders yesterday…and hopeful of timely consent.” Despite the announcement, some investors remain uncertain about the plan. “We don’t even know who the buyer is…is there a firm offer or term sheet,” said a senior executive at one of B9 Beverages’ largest investors, requesting anonymity. The company’s shareholders and lenders include Kirin Holdings of Japan, Anicut Capital, and Peak XV. Jain declined to name the asset intended for sale, but said, “The company has identified various avenues to resolve dues for employees and recovery of business including sale of certain non-core assets.” The Bira 91 maker has been facing mounting financial and operational challenges. Production has been halted since July, and the company posted a net loss of Rs 748 crore in FY24, exceeding its total revenue of Rs 638 crore. Volume sales dropped to 6-7 million cases, and the company has yet to release FY25 results. The situation has led to unrest among employees. More than 250 staff members petitioned the board and shareholders last month calling for Jain’s removal. They also sent an open letter to the Union government citing unpaid salaries for over six months, arrears and reimbursements since November 2024, and pending TDS for more than 50 employees. Jain’s letter emphasised the importance of the asset sale, stating, “The sale of the asset will enable immediate solution to some critical areas, including employee provident fund (PF) dues, payroll for the bottom 50% of employees (including ex-employees) and resumption of business in key markets.”