Negotiation with Chauhan’s to acquire their packaged water business Bisleri International has “ceased”, Tata group’s FMCG arm Tata Consumer Products Ltd (TCPL) said on Friday.
Resting the speculations about a possible acquisition, TCPL in a regulatory update said it has not entered into any agreements over the acquisition of Bisleri.
“In this regard, 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,” said TCPL.
However, Tata group firm also said as 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.
Last year veteran industrialist Ramesh Chauhan had said he is scouting for a buyer for his packaged water business Bisleri International and is in talks with several players, including TCPL The Tata group firm has recently done some acquisitions and is expanding its reach in the addressable market. TCPL is already present in the bottled water segment with its brand Himalayan. Besides, it is also present in the hydration segment with Tata Copper Plus Water and Tata Gluco.
This deal would have made TCPL a leader in the fast-growing bottled water segment.
Shares of Tata Consumer Products Ltd on Friday settled at Rs 708 on BSE, up 2.05 per cent from the previous close. PTI KRH BAL BAL
To stay updated with the Latest Stock Market news, download our app here!
For editorial purposes, contact firstname.lastname@example.org
Start Your Stock Market Journey Today!
Want to learn Stock Market trading and Investing? Make sure to check out exclusive Stock Market courses by FinGrad, the learning initiative by Trade Brains. You can enroll in FREE courses and webinars available on FinGrad today and get ahead in your trading career. Join now!!