Tata Chemicals to transfer food biz to Tata Global Beverages
NEW DELHI: Tata Group on Wednesday announced the transfer of its branded food business from Tata Chemicals Ltd to Tata Global Beverages Ltd in an all-share deal that will create an over Rs 9,000-crore giant. Tata Global Beverages Ltd (TGBL) will buy the business of selling edible salt, spices, and lentils and give shares in return to Tata Chemicals Ltd (TCL). TGBL will rename itself after the deal as Tata Consumer Products Ltd. The Boards of Directors of TGBL and TCL, at their respective meetings today, approved the de-merger of the consumer products business of TCL into TGBL, the company said. Each shareholder of TCL will get 1.14 new equity shares of TFBL for every one equity share held. The proposed transaction will create a focused consumer products company with a combined turnover of Rs 9,099 crore and an EBIDTA of Rs 1,154 crore. PTI
