Tatas drop buyout talks with Bisleri
NEW DELHI:Negotiation with Ramesh Chauhan to acquire 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 commit-ment 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 said he is scouting for a buyer for his packaged water business Bisleri International and is in talks with several players, including TCPL. There were media reports speculating the deal to be around Rs 6,000-7,000 crore.