Retail sales continue to be in the slow lane, leaving dealers saddled with high inventory, while company stockyards are also short of space. This has reduced dealers’ ability to take further stock, prompting manufacturers to shut down plant and cut production.
Mahindra took to Twitter to thank the agency for their support to her small but impactful business and reiterated his promise to help with the refill. "As I have already stated, I am happy to support her continuing costs of using LPG," he wrote.
"Any Indian company that has global aspiration truly has a choice. So you don't invest in Maharashtra vs Bihar vs Chhattisgarh. You are investing in Maharashtra vs the rest of the world," Anand Mahindra said.
He also said that while the industry needs support for both wholesale and retail financing and the rate cuts necessary for revival have been put in place, he asked the lenders to be more supportive to the suppliers and dealers.
Reacting to the demise of VG Siddhartha, Biocon MD Kiran Mazumdar Shaw said that it is a "shocking and sad end" to a quiet n unassuming pioneer who started the coffee cafes business ahead of Starbucks in India.