A file picture of Tata emblem.
| Photo Credit: AFP
India’s Bisleri International is in talks to sell itself to salt-to-software conglomerate Tata Group, the packaged water company’s chairman, Ramesh Chauhan, mentioned in a CNBC-TV18 interview.
Mr. Chauhan, nonetheless, denied throughout his interview {that a} deal was being finalised.
Earlier, the Economic Times reported citing Mr. Chauhan that Tata Consumer Products would purchase the company for up to ₹70 billion ($857.38 million).
Bisleri, which competes with Coca-Cola Co.’s Kinley and PepsiCo Inc.’s Aquafina, didn’t reply to Reuters requests for remark. Chauhan couldn’t be reached for remark.
Tata Consumer stays in discussions with numerous events, together with Bisleri International, because it evaluates numerous “strategic opportunities for growth and expansion”, the company mentioned in a press release, with out giving additional particulars.
Mr. Chauhan, who launched Bisleri in 1969 as per the company’s web site, is recognized for creating well-known homegrown soft-drink manufacturers, together with ThumsUp, Gold Spot, Citra, Maaza and Limca. He offered the soft-drink portfolio to Coca-Cola in 1993.
Tata Consumer, which sells the favored Tata Salt, Himalayan mineral water and runs a three way partnership with Starbucks in India, made a suggestion for Bisleri in September, in accordance to media experiences.
Shares of Tata Consumer rose as a lot as 3.2% in early commerce to hit 794.75 rupees, their highest since October 6.
Tata Consumer Products on October 20 reported a bigger-than-expected rise in quarterly revenue, helped by larger salt costs and pent-up demand for all the things from mineral water to Starbucks espresso.