Tata International is likely to seal a deal in the next two days to acquire a majority stake in Tamil Nadu-based Bachi Shoes.
According to sources in the know of the development, the two firms which have signed a non-disclosure agreement, are currently in the last stages of talks to fructify the deal.
It, however, could not be ascertained how much stake will Tata International pick up in Bachi Shoes and at what price, although reports have said the deal could be worth around Rs 130 crore for a 74 per cent stake.
When contacted, Bachi Shoes Director P V Gopalakrishna Bachi refused to comment, while comments from Tata International could not be immediately obtained.
Bachi Shoes has three manufacturing facilities at SIPCOT Industrial Park and produces 4,000 pairs a day.
Besides, catering to the domestic market, it also exports to Europe and United Kingdom. The company has about 800 employees.
If the deal goes through, this would be the first major acquisition by Tata International since Noel Tata took over as the Managing Director of the firm, which is responsible for the overseas business of the over $70 billion Tata Group, in July this year.