Tata Consumer Products plans to bid for Coffee Day's vending business

Coffee Day, the owner of India's largest coffee chain, has been trying to sell assets to repay lenders after the death of its founder V G Siddhartha last year

Tata Consumer Products Ltd. is weighing a non-binding bid for the vending machine business of Coffee Day Enterprises Ltd., according to people familiar with the matter.
 
The board of Tata Consumer Products has approved a proposal to explore an acquisition of the operation from Coffee Day, said one of the people, who asked not to be identified as the information is private. Coffee Day is seeking a valuation of about 20 billion rupees ($271 million) for the vending machine business, another person said.
 
Coffee Day, the owner of India’s largest coffee chain, has been trying to sell assets