Tata Consumer Products announced that it has ceased negotiations with Bisleri with regard to a potential transaction and to confirm that the company has not entered into any definitive agreement or binding commitment on this matter.
Media reports published in November 2022 had stated that Ramesh Chauhan was divesting Bisleri International to Tata Consumer Products (TCPL) for an estimated Rs 6,000-7,000 crore. Bisleri is reportedly India's largest packaged water company.
When reportedly asked if he is selling his Bisleri Business, Ramesh Chauhan answered in the affirmative. "Yes. We are," he has reported said. However, he also reportedly added that the group is in discussions with several prospective buyers.
However, he reportedly denied a report that a Rs 7,000 crore deal has been finalised with Tata Consumer Products (TCPL).
In a regulatory filing made on November 24, Tata Consumer Products said that the company evaluates various strategic opportunities for growth and expansion of the business of the company, on an ongoing basis. Pursuant to this, the management of the Company remains in discussions with various parties, including Bisleri International.
Offering updates on the same, the Tata Group company announced that it has now ceased negotiations with Bisleri with regard to a potential transaction and to confirm that the company has not entered into any definitive agreement or binding commitment on this matter.
Tata Consumer Products is a focused consumer products company uniting the principal food and beverage interests of the Tata Group under one umbrella. The company's portfolio of products includes tea, coffee, water, RTD, salt, pulses, spices, ready-to-cook and ready-to-eat offerings, breakfast cereals, snacks and mini meals.
More From This Section
The company reported 26% rise in consolidated net profit to Rs 364 crore on an 8% increase in revenue from operations to Rs 3,475 crore in Q3 FY23 over Q3 FY22.
The stock slipped 1.52% to currently trade at Rs 695.35 on the BSE.
Powered by Capital Market - Live News