The Board of Directors at their meeting held today inter-alia considered and approved appointment of Mr. Pankaj Madan as a Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the Company w.e.f. July 30, 2025 as per details enclosed.
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Varun Beverages' board, at its meeting on July 29, 2025, approved the appointment of Mr. Pankaj Madan as the new Chief Financial Officer and Key Managerial Personnel effective July 30, 2025. Mr. Madan is a Chartered Accountant with 35 years of experience and was most recently Group CFO at InterGlobe Enterprises, with prior CFO stints at IndiGo, Bharti Walmart, and Cargill Thailand. The outgoing CFO Mr. Rajesh Chawla will continue in a defined role within the finance function. The board also approved a 2nd interim dividend of ₹0.50 per equity share for FY2025 on 33.82 crore shares (record date August 2, 2025; payment from August 5, 2025), and cleared Q2/H1 FY25 unaudited results with an unmodified auditor opinion. Additionally, VBL will form a 50:50 joint venture — White Peak Refrigeration Private Limited — with Everest International Holdings to manufacture visi-coolers and refrigeration equipment, with a total paid-up capital of ₹42.5 crore (₹21.25 crore each).
A high-caliber external CFO hire from a marquee group like InterGlobe signals strong governance and financial discipline, likely to be viewed positively by the market. The small ₹0.50 interim dividend and the diversification into refrigeration equipment through a JV suggest VBL is reinvesting cash into vertical integration rather than larger payouts.