Anicut Capital Takes Control of Bira 91 Founder's Stake

Alternative investment firm Anicut Capital has reportedly taken control of over 17% of the stake in debt-laden beer maker Bira 91's parent company, B9 Beverages. The shares were previously held by founder Ankur Jain and his family.

This development follows Jain's recent resignation from the startup's board and relinquishment of executive control and ownership, stemming from a prolonged dispute with lenders and investors. Anicut Capital is also expected to appoint three directors to the B9 Beverages board and lead restructuring efforts.

Anicut Capital had previously extended loans to B9 Beverages between 2017 and 2022, secured against the promoter family's stake. Jain and his family also held about 26% of the startup's voting rights. Under the settlement, Jain and his family have exited B9 Beverages with immediate effect.

Jain's departure comes amid a protracted financial crisis at B9 Beverages, which led to production suspensions and liabilities ballooning to approximately ₹1,000 crore. The company now aims to be recapitalized by existing investors and lenders through a revival plan designed to clear statutory, employee, and vendor dues, and resume operations.