Tata Consumer Products, Ramesh Chauhan in discussions for sale of Bisleri

Veteran industrialist Ramesh Chauhan on Thursday said he is scouting for a buyer for his packaged water business Bisleri International and is in talks with several players including Tata Consumer Products LtdIn a regulatory filing the Tata Group firm also said that it is in discussion with Bisleri International for growth and expansion of the business of the companyHowever the 82yearold pioneer of the Indian packaged water business denied a report that a Rs 7000 crore deal has been finalised with Tata Consumer Products Ltd TCPLWhen asked if he is selling his Bisleri Business Ramesh Chauhan answered in the affirmative Yes We are he told PTIHowever he also added that the group is in discussions with several prospective buyersWhen asked about the report that he has agreed to sell his business to the Tata Group firm Chauhan Chairman of Bisleri International said Its not correct We are still discussingAlso Read Ratan Tata others join as trustees of PM CARES FundMeanwhile TCPL also said it will make appropriate announcements in compliance with the guidelines as and when any such requirement arisesWhen asked about the reasons for the sale of Bisleri business the octogenarian business leader said someone had to handle it and look into itHis daughter Jayanti is not interested in handling the business Chauhan addedLater in a media statement Bisleri International Spokesperson said We are currently in discussion and cannot disclose furtherThree decades ago Chauhans sold their soft drinks business to the US beverage major The CocaCola Company He transferred brands such as Thums Up Gold Spot Citra Maaza and Limca in 1993 to the Atlantaheadquartered firmOf these brands Thums Up has already become a billiondollar brand and CocaCola expects fruit drinks brand Maaza also to be a billiondollar brand by 2024Chauhan reentered the soft drinks segment in 2016 by launching Bisleri POP but failed to create that magic againHowever in a clarification to the bourses TCPL said The Company evaluates various strategic opportunities for growth and expansion of the business of the Company on an ongoing basisPursuant to this the management of the Company remains in discussions with various parties including Bisleri International Private Limited said TCPL in a regulatory filingThe Tata group firm which has the ambition to be a formidable player in the FMCG industry has recently done some acquisitions and is expanding its reach in the addressable marketIf TCPLs deal with Bisleri is finalised then it is going to convert the Tata group firm into a leader in the fastgrowing bottled water segmentTCPL is already present in the bottled water segment with its brand Himalayan selling packaged mineral water Besides it is also present in the hydration segment with Tata Copper Plus Water and Tata GlucoMeanwhile TCPL reported spurt in Volume by more than 345 times in the morning trade Shares of Tata Consumer Products Ltd were trading at Rs 78885 on BSE in the afternoon up 234 per cent from previous closeThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever