India's oldest wine company Indage has seen its overseas play backfire. Now it's MD Ranjit Chougule is digging it out of the hole
Indage Vintners’ red wine is a decent offering; a pity one can’t say the same about the red on its balance sheet. Indage, India’s largest publicly listed wine company, hasn’t released its balance sheet for the year ending March 31, 2009, but media reports in September noted that Indage was collapsing under Rs. 450 crore of debt, due immediately. (A former employee who did not wish to be named estimates the debt at Rs. 500 crore.)
(This story appears in the 20 November, 2009 issue of Forbes India. To visit our Archives, click here.)