Tata Consumer Products (TCPL) has scrapped plans to acquire drinking water brand Bisleri International from the Ramesh Chauhan group.
“The company wishes to update that it has now terminated discussions with Bisleri regarding a potential transaction and would like to confirm that the company has not entered into any definitive agreement or binding commitment in this regard,” the Tata firm said in an exchange filing.
“The above announcement is issued voluntarily to prevent any speculation in this regard,” Tata said.
There were reports that Bisleri was in talks to sell Bisleri for around Rs 6,000-7,000 crore.
“The company had earlier clarified that it evaluates various strategic opportunities for the growth and expansion of its business on an ongoing basis. The company is in discussions with various parties including Bisleri International Pvt Ltd,” the company said.
Ramesh Chauhan, chairman of Bisleri International, was in talks with a number of companies, including Tata Consumer Products, to sell the company he bought from Felice Bisleri, an Italian firm, in 1969 for Rs 4 lakh. Chauhan sold the company’s soft drinks business — including Thums Up and Gold Spot — to Coca Cola about 30 years ago.
