Scottish & Newcastle gets into grove at UB

United Breweries rejigs finance team

Global beer major Scottish & Newcastle (S&N) which recently acquired 37.5 per cent stake in United Breweries is getting into the thick of action at UB Group.

Lesley Jackson, a key executive from S&N has taken over as the CFO for United Breweries Ltd. She has been nominated by Scottish & Newcastle Plc, UK, in accordance with the agreement, which was signed to facilitate the strategic sale of a 37.5 per cent stake. S&N have invested approximately Rs 940 crore in the beer business of the UB Group.

Lesley Jackson replaces P A Murali, who was executive vice president, Finance of United Breweries and has now been moved to United Spirits as chief financial officer. United Spirits operations comprise McDowell, Herbertsons, Triumph Distillers & Vintners and Shaw Wallace. A statement from the UB Group said that Murali played a pivotal role in bringing in Scottish & Newcastle as a strategic partner.

UB Group has also announced that Harish Bhat has been appointed as executive vice-president "" Group Finance for the entire UB Group. He will be responsible for corporate finance activities in the Group including all promoter funding, equity and debt raising (other than working capital), mergers and acquisitions and reorganisations. Until now, Bhat was Executive Vice President of Spirits Division of the UB Group.

The statement from UB noted that Harish Bhat played an important role in the acquisition of Shaw Wallace and also funding arrangements leading to the acquisition.

"His skills will now be utilised on a wider platform to address the long-term structural funding needs of the Group. He will closely interact with the operating companies of the Group, and assist them for long term fund raising as well as corporate reorganisations," said Ravi Nedungadi, president and CFO of the UB Group.