Tata Global Beverages Ltd, part of the Tata group, on Saturday announced the sale of its entire stake in Czech Republic business for Rs 31.7 crore. The FMCG conglomerate is selling the business to Czech company Dr Muller Pharma.
According to the agreement, TGB Czech Republic would cease to be a subsidiary of the company.
“In our view, this is a right strategy of exiting small overseas business and increase aggression in India business also aided by management changes at the top,” said Abneesh Roy, senior VP at Edelweiss Financial Services.
The company had last month announced the appointment of