Loss of 2600 crores, company sold for Rs 90; Why did the world's second-largest winemaker take this step?
Heineken, the world's second-largest and Netherlands' liquor maker, has made a comeback by selling its business in Russia with a loss of 2600 crores. Heineken said it lost a total of 300 million euros ($325 million) in selling the company to Russian manufacturing giant Ernst Group. The company said that he had come out of Russia by selling his company for one euro.
Heineken, the world's second-largest liquor company, has consolidated its business in Russia. Dutch liquor maker Heineken has completed its withdrawal from Russia, 18 months after Moscow launched its invasion of Ukraine. The company announced on Friday that it has sold its business in Russia for just 1 euro.
Heineken said it lost a total of 300 million euros ($325 million) in selling the company to Russian manufacturing giant Ernst Group. The company said that he had come out of Russia by selling his company for one euro.
In fact, at the time of the Russia-Ukraine war that started in 2022, Heineken had announced that it would leave Russia, but during this process, the company faced many major challenges, which took time. At present, the company has breweries in Russia and 1800 workers, who were guaranteed employment for the next three years.
In simple words, if the total value of Heineken company is told in Euro 300 million i.e. in Indian currency, then there is a loss of about Rs 2673 crore. This company has been sold for 1 euro i.e. 90 rupees.
According to Dolph van den Brink, CEO of Heineken Company, the company was facing many problems due to the war in Russia. Beer of the Heineken brand was withdrawn from the Russian market last year. The company said that Amstel, one of its other flagship brands, will be phased out within 6 months. Due to this, the company wanted to wind up its business for a long time and exit.
Since the Russia-Ukraine war, many companies have fled the country. In fact, Western countries have imposed many restrictions on Russia, due to which it has become a bit difficult for companies to survive there. Heineken Company has also joined the same list.
Significantly, the Heineken Company is the liquor company of the Netherlands and it is the second largest liquor company in the world. In view of the situation, the company started packing itself and returned from Russia with a heavy loss.
