Tata Global Beverages, a subsidiary of Tata Group, proclaimed that it is acquiring a branded tea business, Dhunseri Tea Industries. To move further in the acquisition process, Tata Global Beverages has signed a non-binding term sheet with the acquiring tea brand, as reported by the Indian daily news, The Economic Times.
The acquisition is valued at INR 101 crore, Tata Group said in a regulatory filing.
The acquiring company, Dhunseri Tea sells two tea brands namely, Kalaghoda and Lalghoda. These two brands are renowned in markets of Rajasthan, wherein local players are prominent, Tata Global said to the Indian daily news, The Economic Times.
The planned acquisition is in consideration before signing a definitive agreement and receiving approval of regulators as well as shareholders.
The energy arm of Tata Group, Tata Power is currently selling its 32 MW of wind assets in Satara, Maharastra.
Tata Power said that the company entirely owns Tata Power Renewable Energy and further, has signed a binding agreement for selling its assets. However, the company did not disclose buyers.