Tata Consumer Products (TCPL) has known as off its plan to accumulate consuming water model Bisleri International from the Ramesh Chauhan group.
“The company wishes to update 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,” the Tata agency mentioned in an alternate submitting.
“The above announcement is issued voluntarily to prevent any speculation concerning the matter,” Tata mentioned.
There have been experiences that Bisleri was in talks for the sale of Bisleri at round Rs 6,000-7,000 crore.
“The company had earlier clarified that it evaluates various strategic opportunities for growth and expansion of its business, on an ongoing basis. The company remained in discussions with various parties, including Bisleri International Pvt Ltd,” the corporate mentioned.
Bisleri International chairman Ramesh Chauhan was negotiating with a couple of firms, together with Tata Consumer Products for promoting the corporate that he had purchased from an Italian agency, Felice Bisleri, for Rs 4 lakh in 1969. Chauhan had offered the corporate’s mushy drink enterprise — together with Thums Up and Gold Spot — to Coca Cola virtually 30 years in the past.
TCPL is already current within the bottled water section with its model Himalayan. Besides, it is usually current within the hydration section with Tata Copper Plus Water and Tata Gluco. This deal would have made TCPL a pacesetter within the fast-growing bottled water section.
Shares of Tata Consumer Products Ltd on Friday settled at Rs 708 on BSE, up 2.05 per cent from the earlier shut.