DISMANTLING NON-CORE UNITS

Away from its network of hospitals and clinics, there’s a lot the Alvarez & Marsal team have achieved in recent weeks. Much of the initial attention was focused on NMC Trading, which at its peak represented nearly 30 per cent of NMC’s group turnover. The division was responsible for its retail and distribution operations, and had held the rights for brands such as the skincare label Nivea for decades.

“Most of these rights have been sold to other local groups and in the process netted some funds for NMC,” said a source at a company that picked up one of the brands. “There were some exceptionally strong brands in the NMC Trading portfolio.”

Selling some of the brand rights, in many ways, represents the first steps in the dismantling of Dr. B.R. Shetty’s NMC empire, which he had set up in the 1970s. But sources say that job losses at NMC Trading as a result of these sales were “minimal”. “Most of the workforce was retained by NMC, while others were absorbed by the companies that bought the brand rights,” said a source.

“Actual job losses weren’t that many — that was a huge plus especially in these difficult market circumstances.”