New Delhi:
Fast-moving consumer goods (FMCG) company Tata Consumer Products Ltd (TCPL) today said it has acquired an additional 23.3 percent shares of South Africa-based Joekels Tea Packers for Rs 43.65 crore through a step-down subsidiary.
Tata Consumer Products Overseas Holdings Ltd (TCP Overseas) – a divested wholly owned subsidiary of the company through Tata Consumer Products UK Group – “has decided to acquire 23.3 per cent of the share capital of Joekels Tea Packers, Republic of South Africa from its Joint-Venture partners,” according to a registration file.
This is under the terms of the share purchase agreement and shareholder agreement, finalized and executed, between TCP Overseas, Joekels and the JV Partners, it added.
On the cost of acquiring the stake, FMCG arm of Tata group said it is equivalent to Rs 43.65 crore plus adjustment amount.
As a result of the acquisition, “TCP Overseas’ interest in Joekels will increase from 51.7 percent to 75 percent” of the share capital.
The remaining 25 percent stake is held by the joint venture partners, the filing said
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)
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