Parul
Tata Consumer Products Ltd said on Friday that it has now ceased negotiations with Bisleri with regard to a potential transaction.
The company has not entered into any definitive agreement or binding commitment on this matter, Tata Consumer said in a stock exchange filing.
Earlier, Tata Consumer had clarified that it evaluates various strategic opportunities for growth and expansion of its business, on an ongoing basis, and pursuant to this, the management of the company remained in discussions with various parties, including Bisleri International Pvt Ltd, India’s largest packaged water company.
Ramesh Chauhan is divesting Bisleri International to Tata Consumer Products Ltd for an estimated Rs 6,000-7,000 crore, Economic Times reported in November.
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The current management will continue for two years as part of the deal. As per the report, Chauhan, 82, has been in indifferent health in recent times and says he doesn’t have a successor to take Bisleri to the next level of expansion as daughter Jayanti isn’t too keen on the business.
The Tata Group “will nurture and take care of it even better,” although selling Bisleri was still a “painful” decision, Chauhan said. “I like the Tata culture of values and integrity and hence made up my mind despite the aggression shown by other interested buyers“, the report had said.
Tata Consumer’s shares closed 1.8 per cent up on Friday.
($1 = 82.5470 Indian rupees)
