Tata Consumer Products Overseas Holdings, (TCP Overseas), a step-down wholly-owned subsidiary of the Company through Tata Consumer Products UK Group (direct WOS), has decided to purchase 23.3% of the share capital of Joekels Tea Packers (Proprietary), Republic of
South Africa (Joekels), from its Joint-Venture partners, as per the terms of the Share Purchase Agreement and the Shareholders Agreement, finalised and executed, amongst TCP Overseas, Joekels and the JV Partners.
The above acquisition of the stake by TCP Overseas from the JV partners is for a consideration value of ~ ZAR 91 million (~Rs 43.65 crore) plus the adjustment amount (which will be payable later, basis the conditions mentioned in the Transaction Agreements).
The said transaction is subject to the fulfilment of various terms and conditions as specified in Transaction Agreements.
As a result of the above acquisition, the holding of TCP Overseas in Joekels will increase from 51.7% to 75% of the equity share capital and the remaining 25% is held by the joint venture partners.
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