Tata Consumer UK arm acquires 23.3% stake in Joekels Tea Packers for ₹43.65 cr

Tata Consumer Products Overseas Holding Ltd, a step-down wholly-owned subsidiary of Tata Consumer Products UK Group will acquire the stake from the joint-venture partners of Joekels Tea Packers. The acquisition will be at a cost of ₹43.65 crore.

“Tata Consumer Products 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, as per the terms of the Share Purchase Agreement and the Shareholders Agreement, finalised and executed, amongst TCP Overseas, Joekels and the JV Partners (hereinafter referred as “Transaction Agreements”),” said Tata Consumer in its regulatory filing.

After the acquisition, the holding of TCP Overseas in Joekels will increase from 51.7 per cent to 75 per cent. The remaining 25 per cent will be held by the joint venture partners.

“The above acquisition of the stake by TCP Overseas from the JV partners is for a consideration value of ZAR 91 million (INR 43.65 crore) plus the adjustment amount (which will be payable later, basis the conditions mentioned in the Transaction Agreements). The said transaction is subject to the fulfilment of various terms and conditions as specified in Transaction Agreements,” the regulatory filing added.

Tata Consumer Products Ltd (TCPL) on reported a 36.25 per cent rise in consolidated net profit at ₹389.43 crore for the September quarter. It is against a net profit of ₹285.80 crore in the corresponding quarter last fiscal.

Tata Consumer shares were trading 1.17 per down at ₹770.80 at the BSE.