On Thursday, Tata Consumer Products UK Group said that the company’s step down subsidiary had bought a 23.3 percent share in Joekels Tea Packers.
Tata Consumer Products Overseas Holding Ltd, a step-down wholly-owned subsidiary of Tata Consumer Products UK Group, will buy out Joekels Tea Packers’ joint venture partners. The deal would cost Rs. 43.65 crore.
“TCP Overseas Holdings Limited, (“TCP Overseas”), a step-down wholly-owned subsidiary of then Company through Tata Consumer Products UK Group Limited (direct WOS), has decided to purchase 23.3% of the share capital of Joekels Tea Packers (Proprietary) Limited, Republic of South Africa (“Joekels”), from its Joint-Venture partners, in accordance with the terms of the Share Purchase Agreement and the Shareholders Agreement.
TCP Overseas’s stake in Joekels would rise from 51.7 percent to 75 percent following the transaction. The joint venture partners will own the remaining 25% of the company.
“TCP Overseas acquired the above-mentioned interest from the JV partners for a consideration value of ZAR 91 million (INR 43.65 crore) plus the adjustment fee (which will be payable later, basis the conditions mentioned in the Transaction Agreements). The transaction is conditional on the fulfilment of certain terms and conditions outlined in Transaction Agreements “The regulatory filing was supplemented.
Tata Consumer Products Ltd (TCPL) reported a 36.25 percent increase in consolidated net profit for the September quarter, to 389.43 crore. It compares to a net profit of 285.80 crore in the previous fiscal’s equivalent quarter. On the BSE, Tata Consumer shares were trading 1.17 percent down at 770.80.
A subsidiary of Tata Consumer Products, packing 95% of South Africa’s Private Label teas, Joekels also includes Tetley and the leading kids’ tea brand Tea4Kidz, as a healthy alternative to sugary drinks.
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