Tobacco maker Godfrey Phillips India announced on Friday that it has decided to exit its loss-making retail business 24 Seven.
According to Godfrey Phillips India's regulatory update, the company's board of directors said in a meeting held on Friday that it has “decided to exit the business operations of the retail business unit.”
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Godfrey Phillips India operated 150 stores/kiosks of 24Seven as of December 2023.
The decision in this regard took a close look at our retail business segment and took into account stakeholder feedback, long-term performance, general market conditions for the retail segment, and our long-term business strategy. As a result, the decision was made. Added.
“Withdrawal is conditional on the completion of the necessary procedures,” he said.
24 Seven's FY23 revenue was Rs 396 million, accounting for 9.3% of the company's total operating revenue.
“The retail business segment has negative net assets as of March 31, 2023 due to the accumulated losses incurred thereby,” the company said.
Godfrey Phillips India is the flagship company of Modi Enterprises. We manufacture popular tobacco brands such as Foursquare, Red & White, Cavender, North Pole, and Tipper.
The company also manufactures and sells the Marlboro brand under a license agreement with Philip Morris.
