Mumbai (Maharashtra) [India], November 27 (ANI): Tata Consumer Products on Sunday announced that its wholly-owned subsidiaries -- Tata Consumer Products Overseas Holdings and Tata Consumer Products UK Group -- have decided to purchase from the joint venture partner -- Advanced Chemical Industries (ACI) -- its entire shareholding in Tetley ACI (Bangladesh), at Rs 8.50 crore.
The statement from the company also said that ACI would receive variable consideration of up to a maximum of Rs 2.70 crore, depending on performance under the sales and distribution and factory lease agreements.
The said transaction is subject to the fulfillment of various terms and conditions as specified in the agreements to be finalised and executed among TCP Overseas, TCP UK and ACI.
Upon completion of the above transaction, Tetley ACI will become a wholly-owned subsidiary of TCP UK and a step-down subsidiary of the Company, according to the statement. That means the joint venture agreement between ACI and TCP Overseas would stand terminated.
In related news, according to reports, the man behind the most popular Mineral water brand -- Ramesh Chauhan -- is divesting Bisleri International to Tata Consumer Products Ltd (TCPL) for an estimated Rs 6,000-7,000 crore. It is said that the current management of Bisleri would continue for two years as part of the deal. (ANI)