New Delhi:
Veteran industrialist Ramesh Chauhan said Monday he has no plans to sell his packaged water company Bisleri International and is not in talks with any party to do so, three days after Tata Consumer Products Ltd called off their negotiations.
Ramesh Chauhan had been negotiating with Tata Group’s FMCG arm, Tata Consumer Products Ltd (TCPL), for nearly four months, but the deal fell through.
When asked if he has plans to sell Bisleri now, Mr Chauhan told PTI: “We have no plans.” However, when asked about media reports suggesting his daughter Jayanti Chauhan is ready to lead the company, the 82-year-old pioneer of the Indian packaged water trade declined to comment.
Earlier in November last year, Mr. Chauhan had said he was in talks with several players, including TCPL, to sell his Bisleri business.
When asked about the reasons for Bisleri’s company being sold, the octogenarian business executive said someone should handle it and investigate.
His daughter Jayanti is not interested in handling the business, Mr Chauhan had added.
Later in a media statement, Bisleri International’s spokesperson had also said, “We are currently in talks and cannot release any further information.” Last week, however, following the speculation of a possible takeover, TCPL said in a regulatory update that it has not reached any agreements on the acquisition of Bisleri.
“In this regard, the Company wishes to announce that it has discontinued negotiations with Bisleri regarding a potential transaction and confirm that the Company has not entered into any final agreement or binding commitment on this matter,” TCPL said.
Bisleri International is active in the bottled water segment with its flagship brand Bisleri and spring water Vedica. It is also present in carbonated drinks with brands – Spyci, Limonata, Fonzo and PinaColada.
Three decades ago, Chauhans sold his soft drink business to American beverage giant The Coca-Cola Company. He transferred brands such as Thums Up, Gold Spot, Citra, Maaza and Limca to the Atlanta-based company in 1993.
TCPL was created after the merger of Tata Chemicals’ consumer products division with Tata Global Beverages. It has made some acquisitions and is expanding its reach in the addressable market as it strives to be a formidable player in the FMCG category by expanding its game into the existing category and entering new areas.
TCPL is already present in the bottled water segment with the Himalayan brand. In addition, it is also present in the hydration segment with Tata Copper Plus Water and Tata Gluco.
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