Sir Ratan Tata’s Tata Group is continuously expanding in the FMCG sector, not only in India but in foreign countries as well. Take a look at Tata Consumer Products Ltd’s (TCPL) latest step was taken in the direction.
š About Joekels Tea Packers
They are tea and coffee masters., they pack, blend and distribute some of South Africa’s most popular household tea brands. It all began in 1994 when Joe Swart and Jonathan Kelsey joined forces and names (Joe Swart + Jonathan Kelsey) to create Joekels Tea Packers.
š± Tata acquired Joekels Tea Packers
Tata Consumer Products Ltd (TCPL) has acquired 23.3 percent additional shares of South Africa-based Joekels Tea Packers for Rs 43.65 crore through a step-down subsidiary.
A regulatory filing said
Tata Consumer Products Overseas Holdings Ltd (TCP Overseas) — a step-down wholly-owned subsidiary of the company through Tata Consumer Products UK Group — “has decided to purchase 23.3 per cent of the share capital of Joekels Tea Packers, Republic of South Africa from its Joint-Venture partners, holding of TCP Overseas in Joekels will increase from 51.7 per cent to 75 per cent” of the equity share capital. The remaining 25 per cent stake is held by the joint venture partners
This is as per the terms of the share purchase agreement and the shareholders’ agreement, finalized and executed, amongst TCP Overseas, Joekels, and the JV Partners
This cost of the acquisition of the stake is for a consideration value of Rs 43.65 crore plus the adjustment amount.
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