Tata Group has abandoned the plan to buy the country’s leading packaged water company Bisleri. Tata Consumer Products today said it has called off talks for a possible acquisition of Bisleri. If the deal goes through, the Tata group will become the leader in packaged water in no time. The first news was that talks were going on between Bisleri International and Tata Group and the deal was worth Rs 6000 to 7000 crores. In a recent news it was said that the talks between the two parties had stopped due to valuations. A Bloomberg report stated that the owners of Bisleri were demanding $1 billion for the deal.
Talks with Bisleri over
Tata Consumer Products has informed the stock exchanges that it has ended talks for a possible transaction with Bisleri. The company has not entered into any agreement or binding commitment for the same. Tata Consumer Products owns the Himalayan Natural Mineral Water and Tata Water Plus brands. The acquisition of Bisleri will strengthen its portfolio of packaged water brands. The company is rapidly expanding its business in FMCG. Wanted to be in top 3 in this sector. On the other hand, Mukesh Ambani’s Reliance is also aggressively expanding its business in the FMCG sector.
What did Ramesh Chauhan say
The acquisition of Bisleri would have made Tata the leader in the packaged drinking water segment in one fell swoop. According to the information, Reliance Retail, Nestle and Dan have also shown interest. Bisleri was in talks with Tata. In November, Bisleri chairman Ramesh Chauhan had said that he had made up his mind to sell his company to Tata. He said this after meeting Tata Sons Chairman N Chandrasekaran and Tata Consumer CEO Sunil D’Souza. Chauhan has entrusted the day-to-day running of the company to a professional team. Angelo George is the CEO of the company. In the financial year 2023, the turnover of the company is expected to be Rs 2500 crore and the profit will be Rs 220 crore. Bisleri was founded as an Italian brand. The company started business in India in 1965. Chauhan bought it in 1969. The company has 122 operational plants. It has 4500 distributors and around 5000 trucks in India and neighboring countries.