Indian FMCG companies with operations in violence-hit Bangladesh say their business in the neighbouring country is slowly returning to normalcy after being shut for about a week.
Leading FMCG companies, including Marico, Dabur, Emami, Pidilite Industries, Britannia and Godrej Consumer Products, have operations in Bangladesh, which recently faced violent clashes leading to a regime change there.
Besides, the leading QSR chain Jubilant FoodWorks Ltd (JFL), a master franchisee of American pizza restaurant chain Domino’s, also operates around 30 stores in Bangladesh.
Marico, which has the biggest exposure in Bangladesh, has informed the bourses that its manufacturing operations in the country resumed at normal scale on August 11.
“Operating conditions in the market have been gradually improving and a large majority of our retail sales force and distributors have been functioning since last week,” the Mariwala-promoted FMCG maker said.
In Bangladesh, Marico operates in personal care, baby care, edible oil and food segments, and has contributed 44 per cent to the international sales of the company. It has two factories in Gazipur, Dhaka, and five depots.
”We continue to prioritise the safety of our employees, factory workers, distributors and other stakeholders of our business,” it said adding “we firmly believe that the medium-term prospects of Marico’s business in Bangladesh remain intact.”
It had incorporated a subsidiary Marico Bangladesh in 1999. It is a listed entity on the Dhaka and Chittagong stock exchanges and is amongst the top 3 FMCG MNCs in Bangladesh.
Dabur India also said its factory and stockists are operational now after being shut for about a week during the turmoil.
“We are monitoring the situation closely and we will make all efforts to resume normalcy in operations,” said Dabur CEO Mohit Malhotra.
He further said Bangladesh accounts for under 1 per cent of the consolidated revenue and 0.5 per cent of profits.
Another homegrown firm, Emami too has a presence in Bangladesh, though smaller in size, contributing around 4 per cent to its its total consolidated revenue.
Over 230 people were killed in Bangladesh in the incidents of violence that erupted across the country following the fall of the Hasina government on August 5, taking the death toll to 560 since the anti-quota protests first started in mid-July.
An interim government was formed after the fall of the Hasina-led government, and its Chief Adviser, 84-year-old Nobel laureate Muhammad Yunus, announced the portfolios of his 16-member council of advisors last week.
(With PTI inputs)
Comments
0 comment