tata to transfer food business from tata chemicals to tata global beverages - energy storage companies
New Delhi, May 15 ()
Tata Group announced on Wednesday that it will transfer its branded food business from Tata Chemical Co. , Ltd. to Tata Global Beverage Co. , Ltd. , which will create a giant of more than 9,000 rupees.
Tata Global Beverage Co. , Ltd. TGBL)
To acquire the business of selling edible salt, spices and lentils and to Tata Chemical Co. , Ltd (TCL).
After the transaction, TGBL will be renamed Tata Consumer Goods Co. , Ltd.
The board of directors of TGBL and TCL approved the cancellation at their respective meetings on Wednesday
The company said in a statement that TCL's consumer goods business was merged into TGBL.
Each shareholder of TCL will receive 1.
TFBL has 14 new shares for every 1 stock held.
The proposed transaction will create a company focused on consumer products with a total turnover of Rs 9,099 and EBIDTA of RS 1,154.
"The combination of two consumers --
The focused business will benefit the two groups of shareholders who will be able to participate in a larger business, ready to expand their presence in the food sector through wider exposure to attractive fast-growing consumer goods, the statement said.
TGBL sells tea under the brand Tetley and Tata tea, coffee and bottled water under the brand 8.
TCL, third in the world-
After the deal, the largest soda ash producer will focus on its core chemicals business.
TCL shareholders will retain ownership of focused science, the statement said.
Led chemical solutions and professional products companies have a leading portfolio of basic and professional chemicals and strong cash flow to support future growth.
The transaction is subject to the necessary statutory and regulatory approvals, including those of the national corporate law tribunal, the stock exchange, SEBI and the respective shareholders.
Commenting on the announcement, N Chandrasekaran, chairman of Tata Sons and sons, said: "Tata consumer goods consolidate our current position in fast food and beverages
The consumer industry is growing.
Through this combination, we have created a strong growth platform to meet the growing aspirations of Indian consumers.
Ajoy Misra, TGBL general manager and CEO, said the deal was in line with the strategy to deepen the company's business in India and transform into brooder FMCG.
"As the cnsumer product business increases our exposure to high-growth product categories and provides a strong platform to seize new opportunities in this industry, existing TGBL shareholders will benefit a lot.
We will continue to nurture and develop our global brand . "
R Mukundan, TCL general manager and CEO, said: "This combination provides great benefits to our shareholders by releasing the value of our consumer goods business.
In line with its strategy of becoming a leading science --
Tata Chemical will vigorously develop its professional chemical business in the field of agriculture
Science, Nutrition Science, material science and energy storage science.
"In addition, Tata Chemical's basic chemical business will be a global partner for soda, salt and bicarbonate from leading brands such as food, pharmaceutical, detergent and glass.